Alfasi Breaks Ground on $100m Speculative Office Build

It has been some time in the making but private Melbourne developer Alfasi Property has put shovel to dirt on its speculative $100-million build at South Yarra. 

Figurehead Construction has been appointed as the builder of the 10-storey commercial tower at 10 River Street with an ambitious 12-month program of work ahead of them. 

The Carr-designed speculative office block will offer 10 whole-floor tenancies ranging from 300sq m to 1500sq m in the high-end tower, 250m from Chapel Street. 

Alfasi Property managing director Gill Dvir said 10 River would provide an elevated office experience that was more in line with hotel amenities and concierge services, which include drive-through valet parking. 

“Since 10 River was conceived, we’ve been focused on creating an exclusive space that delivers what we know prospective tenants like family offices want,” Dvir said. 

“It’s a highly personalised experience, prestige in design and materials, a building that performs, the luxury high-end feel of surrounding areas like South Yarra and Toorak and the privacy and discretion that whole-floor occupancy with a small number of offices can offer.”

▲ The building features high-end design and landscaped terraces across most levels.

The building’s design is targeting a 5-Star Green Star and 5-Star NABERS rating, which will be all-electric and operationally carbon neutral. 

Alfasi is building the project speculatively off the back of its recent success at 510 Church Street, which is now 95 per cent leased.

The building’s design includes a private landscaped terrace for most of the office levels to provide outdoor space and pet-friendly offices.

Figurehead Construction founder Joe Grasso said working with values-aligned developers was key to weathering headwinds in the sector. 

▲ Hotel-style concierge services will include a drive-through valet offering.

“It’s no secret that we’re seeing projects on hold due to unpredictable market conditions,” Grasso said. 

“In these challenging times it’s critical that we work with partners like Alfasi Property, who are optimistic and therefore dedicated to efficient delivery of their quality fringe commercial office project, 10 River.”

It wasn’t the smoothest path forward for Alfasi Property following a refusal of a 155-key hotel on the site five years ago, and a trip through VCAT.

In 2021 the developer requested a change-of-use amendment and filed the revised plans to the City of Stonnington Council last year.