Melbourne property developer Beulah has expanded its footprint with the acquisition of a corner block in Prahran for $11.4 million.
The 1132sq m site at 182-194 Commercial Rd is a commercial site on the corner of Izett Street, where the developer is planning to make its mark with a sustainable mixed-use development and community activation.
The aggregated site is made up of six adjoining properties and zoned as an activity centre.
Beulah managing director Jiaheng Chan said they were looking forward to contributing to the evolution of Prahran.
“We’re looking forward to offering a product that will add immense value to this inner-city pocket and will complement the renowned Prahran Market via retail, dining and public amenity coupled with a residential offering not yet explored in this area,” Chang said.
“This site will complement our growing boutique portfolio, which sits alongside the other growing arm of our business and that is large-scale, urban renewal precincts, such as that in Southbank.
“Prahran is currently going through an exciting evolution that is seeing a new generation of businesses set up shop, from forward-thinking restaurants and lifestyle-focused hotel chains.”
The Sth Bnk by Beulah project in Melbourne’s Southbank is due to break ground early next year with a proposed five-year construction timeframe for what is being billed as Australia’s new tallest tower, and world’s tallest vertical garden.
Beulah also recently announced the imminent release of its latest residential project, The Wilds, a 15 carbon-neutral home development at Northcote.
“The global changes experienced in 2020 saw consumers prioritising health, wellbeing and sustainability, which closely informed our approach to The Wilds,” Chang said.
“Similarly, we intend to draw on this research and approach in creating a thoughtful, sustainable and wellness-inspired design for Prahran.”
