Australian property market wrap: 10 October 2023

• A 1.13 hectare infill landholding comes to market in Melbourne.
• A recently completed Malvern office listed for sale.
• A Richmond development site expects to sell for around $7M.

From development plans to partnership announcements, activity in today’s wrap is centred around major Melbourne and Sydney hubs.

ANNOUNCED

Partnership for Chatswood project

Leading property group, Coronation Property, has announced global architectural firm, Woods Bagot, has been selected winner of the Design Excellence Competition for its Chatswood project which is set to deliver luxury living in the Lower North Shore’s inner-city ring.

Coronation purchased the 57-61 Archer Street site for $80 million in June 2022 and soon progressed to the design competition and DA stages. The 25-storey project, located close to the Chatswood Chase Shopping Centre, will feature 114 premium residences including one, two, and three-bedroom apartments, and an exclusive collection of penthouses.

The property also includes 2,800 sqm of retail and commercial space including a bespoke café housed within an adaptive reuse, heritage-listed building that anchors the site.

“Archer Street is a defining project for Coronation as it signifies our first venture on the Lower North Shore and marks another successful chapter in our long-standing relationship with Woods Bagot,” said Coronation Property’s managing director, Joseph Nahas.

“The winning design aligns with our ongoing commitment to deliver quality, amenity-rich living spaces in key locations across Sydney.”

Development plans announced for Putney

Newly launched Sydney-based development company, PERIFA, part of established parent company Versatile Group, has announced they are joining forces with established development firm Abadeen to develop the 15,870 sqm waterfront site in Putney. The PERIFA – Abadeen partnership is strengthened by the backing of equity partners Mitsubishi Estate Asia Pte. Ltd and Phoenix Property Investors respectively.

Located at 20 Waterview Street, Putney NSW, Pier 20 is 15 kilometres from Sydney’s CBD, the Stage 2 Development Application proposes the refurbishment of the Halvorsen’s boatshed to accommodate a waterfront dining and commercial precinct together with a number of residential apartments, two three-storey residential buildings, inclusive of one, two and three-bedroom apartments and a 36-berth marina.

Within close proximity to Putney Village, Pier 20 enjoys, immediate access to major retail amenities and on-foot access to ferry stops, trainlines and local parks.

“Our partnership with Abadeen supported by Mitsubishi Estate Asia and Phoenix Property Investors will allow us to transform this unique site into a premium mixed-use development, with retail, dining and residential on Sydney’s harbour front,” said PERIFA co-founder and Versatile Group managing director, Fabrizio Perilli.

FOR SALE

Melbourne infill site comes to market

A 1.13 hectare infill landholding located 8.6 kilometres north of Melbourne’s CBD is being offered to market for the first time since 1977, with the site, located at 12-18 Charles Street, Coburg North, being sold exclusively by leading agents, Savills Australia and New Zealand.

Formerly the Kangan Institute of TAFE – Coburg Campus, this triple frontage site is adjacent to the Upfield train line and Batman train station and comprises an 8,590 sqm building onsite with existing functional improvements including multiple roller shutter doors and a three tonne crane.

The auction will be hosted on 19 November 2023.

Malvern office listed

A seven-storey office at 1 Como Street in Malvern has hit the market. The building was completed in September 2023 and designed by Gray Puksand.

The property features a gross building area (GBA) of 7,026 sqm, with flexible floor plates ranging from 397 sqm to 714 sqm, providing flexible tenancy configuration to businesses of all sizes and requirements. The building offers a floor-to-ceiling glass façade with excellent natural light and views, with a breathtaking rooftop terrace with 360-degree views of the CBD, Dandenong Ranges, and Port Phillip Bay.

The building comprises two ground-floor retail tenancies, a potential third on the rooftop, and 38 basement car parking spaces. Conveniently located just 7.5 kilometres from the Melbourne CBD and near public transport, including the nearby Malvern train station and tram routes along Glenferrie Road, 1 Como Street offers exceptional accessibility.

The 100% interest in 1 Como Street, Malvern is for sale through Cushman & Wakefield Melbco Middle Markets with the closing date of 15 November 2023.

Development site with permit on the market

A prime development site with a permit for a seven-storey office building designed by Carr Architects in one of Melbourne’s best-performing office markets has exclusively been brought to market by Colliers’ Ben Baines, Alex Browne, Eddie Foulkes, and James Zhuang.

The residual value of the 438 sqm development site is underpinned by its current improvements, which comprises a premium 580 sqm two-level office building with five on-grade car parking spaces providing licensed holding income until January 2024.

The permit allows for the construction of an office building with an NSA of 1,934 sqm, which features three-sided glazing, allowing for unparalleled views of the Melbourne CBD and the Richmond sports precinct with abundant natural light.

With price expectations around $7 million, 57 Stewart Street, Richmond, is offered for sale by expressions of interest, closing 3 November 2023.