- The site spans 8,475 square metres.
- The property is curently home to a former Residential Aged Care Facility.
- Includes significant frontages to Barry and A'Beckett Streets.
A corner site in the affluent Melbourne suburb of Kew has been acquired by a developer for circa $35 million.
Piccolo purchased the 18 Barry Street property, which spans 8,475 square metres and has the potential to offer view lines across Yarra Bend Park and Studley Park, and showcase the iconic Melbourne CBD skyline. The site has 73 metres of frontage to Barry Street, and 106.68 metres of frontage to A’Beckett Street.
The site is currently occupied by a former Residential Aged Care Facility (RACF), comprising a combination of single and two-story buildings, and configured to offer 146 beds in 50 rooms with 36 on-grade carparks. The site is zoned General Residential Zone Schedule 4 (GRZ-4) and was noted by Colliers as one of only two land parcels in the precinct available for redevelopment that has the zoning.
“Development propositions of this stature within one of Melbourne’s most coveted residential locations are rarely offered to the market,” said Colliers director for development sites, Hamish Burgess, who with Ian Sanders and Justin Hazel handled the transaction.
“Its corner location, potential for stunning view lines, proximity to Kew Junction shopping village, and unique scale provides the perfect foundation for a market-defining project.”
Managing director of Piccolo, Michael Piccolo, said the company was delighted to announce the acquisition of the highly contested and AAA-rated site.
“From the very beginning, we saw this incredible property as a perfect fit for Piccolo. Its location, surrounded by the serenity of leafy streets and impressive vistas, combined with its scale, liveability, and character, ticks all the boxes for us. This unique opportunity is a rare gem in the current market, where properties of such calibre are extremely scarce.”
The property offers exciting possibilities for a luxury multi-residential development with exceptional connectivity to high street shopping strips and well-serviced by community facilities, including proximity to major hospitals and robust transport infrastructure.
The project value for the development, A Piccolo House – Barry Street, Kew is expected at circa $180 million.
“At Piccolo, we are driven by the desire to create homes that come with the promise of longevity and also enhance the lives of our residents, and the surrounding community with timeless developments,” said Piccolo.
“In addition to finding the right partners, the ability to find the perfect site for every Piccolo home is an important part of achieving this goal. A building should be about more than just the residents who occupy it – if it’s loved by the community, it will remain for generations.”
The developer will work with architects, Woods Bagot, and interior designer, Hecker Guthrie, to transform the site into luxury residences that complement and enhances the surrounding community.
Kew property market
According to the latest SQM Research data, the postcode 3101, including Kew, has 142 properties on the market.
Stock on market for 3101, including Kew
Asking prices for houses in Kew have been floating around the mid-$2 million mark, with units priced at around $800,000 a piece.
Weekly asking property prices for 3101, including Kew
The median house price for Kew, according to realestate.com.au, is $2.85 million. According to Domain, the median price for a three bedroom house is a hair above $2 million, a four bedroom house will set you back $2.95 million, while a five bedroom house has a median of $4.1 million.
The median unit price for Kew, according to realestate.com.au, is $792,500. According to Domain, the median price for a one bedroom unit is $455,000, a two bedroom unit is $650,000, while the median unit price for a three bedroom unit is $1.3 million.