Cbus Property has snapped up the last Commercial 1-zoned site in a prime Richmond pocket, paying more than $50 million for the 1ha riverfront parcel.
The industry superannuation fund-backed developer is planning a $400-million residential development of 187 homes across apartment towers and townhouses.
The project would become Cbus Property’s 25th development in the greater Melbourne area.
Cbus Property chief executive Adrian Pozzo said the acquisition would allow the company to capitalise on the site’s premium location and enhance the broader precinct.
“We have seized an opportunity to evolve and add value to the existing neighbourhood of residential apartment complexes developed to the north and south of the site in the early 2000s,” Pozzo said.
The concept design by SJB Architects would comprise 187 one, two and three-bedroom homes across two towers of 10 and 12 levels alongside a row of multi-level townhouses fronting the Yarra River.
The development would include a two-level basement carpark and amenities such as an indoor pool, residents’ co-working space and communal rooftop terrace.
“We believe the current market is not being catered for by existing apartment complexes or projects currently under construction,” Pozzo said, adding that the development would offer “a product that is relatively more affordable for many prospective purchasers, while also meeting their expectation for quality”.
“Exceptional quality should not necessarily equate to a premium price tag.”
Cbus Property is currently managing assets exceeding $6.6 billion and has $4.8 billion in development work under way.
Recent projects include the $500-million Nine The Esplanade office tower in Perth, which reached practical completion in May, and the $1-billion 435 Bourke Street development in Melbourne with its innovative solar facade technology.
The developer also recently launched Four Three Seven, a $350-million residential tower at 437 St Kilda Road comprising 77 Bates Smart-designed residences.
Construction on that project began in the second quarter of this year.
In Sydney, Cbus Property sold its approved East Walker Street development site to Aland for $240 million in June.
The site has approval for 239 apartments across two towers after initial plans were rejected by the council.
A planning application for the River Street site is expected to be lodged later this year, and construction is slated to begin in early 2027.
