Developer Mirvac has picked up a rare vacant lot on Queens Road in South Melbourne, opposite Albert Park.
Located between the Art Deco flats of Newburn and Brookwood, the 2,323 m² site was vacated in 2010.
The site was part of the Slade family’s real estate portfolio. The family has made a name for itself in knitwear over the past 40 years.
It is one of the few development sites on the main road and has planning permission for a 15 storey, 142 unit residential tower.
Another Mirvac project, The Melburnian, is nearby on the same road.
Mirvac is planning to develop a boutique residential building to take advantage of its location – close to the Albert Park Lake and golf course, Fawkner Park, Melbourne’s Theater and Art Precincts and St Kilda – as well as the view of Port Philip Bay.
Stuart Penklis, head of Mirvac’s residential division, said its location on the edge of the CBD made it a natural choice.
“Since 1994, Mirvac has made a significant contribution to Melbourne’s urban landscape, realizing a number of high-quality housing projects on the urban fringe and in the mid-urban suburban ring,” said Penklis.
“Our purchase of this site also comes at a time when we see an increasing demand from owner-occupiers and rights holders for suburban apartments, where the high-quality amenities and associated lifestyle offer an attractive value proposition.
“Projected supply constraints in the East Coast apartment market are also expected to support demand in the short to medium term.”
Mirvac’s plans for the tower reduce the number of approved 142 units to 110 apartments and include a swimming pool, gym and lounge for residents.
The tower would be all-electric and designed with an average Nathers rating of 7 stars.
Construction is expected to start in mid-2023 and completion is scheduled for fiscal year 2026.
Vince Carbone’s agents, Joseph Carbone, Frank Vinci and Gross Waddell, and ICR’s Michael Gross and Danny Clark secured the sale through an interest campaign that was held in March this year. At the time, a price was predicted in the mid-to-high range of $20 million. The price paid has not been disclosed.
Last year, 50-52 Queens Road sold for $70 million.
Samuel Property bought a nearby three-story block of 1950s apartments at 8 Louise Street for $21 million.
Mirvac’s Melbourne project pipeline includes the Voyager apartment tower at Yarra’s Edge in Docklands, the Smith Lane home and country community in Clyde North, the Park Street apartment community in Brunswick and the Tullamore community in Doncaster.
The project list also includes the Olivine community in Donnybrook, the Folia and Forme Apartments in Doncaster, the Woodlea community in Rockbank North, the Fabric community in Altona North and the Wantirna South community project.