Permit-Ready Purchase Lays Foundation For New South Melbourne Residential Tower

Salvo Property Group has secured almost a full hectare site for more than $40 million, with a permit for four residential towers in the Fishermans Bend precinct.

The 9,766 square metre site at 60-82 Johnston Street, South Melbourne, was negotiated by Colliers International on behalf of vendor Bill McNee.

Agents Daniel Wolman and Oliver Hay facilitated the deal in an off-market transaction.

“The transaction demonstrates the confidence in the market, as strong local developers with 100 per cent completion records look to expand their development portfolio, despite all the negative buzz you might hear in the media,” Mr Wolman said.

The property has plans and permits for more than 1,300 apartments in four towers designed by Rothelowman. There will be two high-rise towers (46 and 43 storeys) offering views back towards the Melbourne CBD, Southbank, Crown Casino and Port Phillip Bay, complemented by two medium-rise towers (27 and 21 storeys).

Mr Wolman said the future development at South Melbourne's 60-82 Johnson Street will be one of the largest mixed-used complexes within Fishermans Bend.

“The precinct is set to be Melbourne’s next hot spot, located less than three kilometres from the CBD.

“This project is situated within one of Australia’s most dynamic urban renewal development precincts and as such, it was an opportunity for someone to create a flagship project. Some groups saw it as defining the precinct but we see it as defining Melbourne’s future.”

The site benefits from dual street frontages to Johnson Street, as well as convenient rear access via Govenor Road. The state government recently rezoned the land to accommodate residential development as part of the Fishermans Bend Urban Renewal Area.

Fishermans Bend has been identified by the Victorian government as a key precinct within its Plan Melbourne metropolitan planning strategy. The objective is to accommodate Melbourne’s growing population, which is forecast to increase from 4.5 million today to a projected eight million by 2050.

South Melbourne is an established and affluent inner-city suburb between the Melbourne CBD and Port Phillip Bay, offering residents a range of employment and lifestyle opportunities within 20 minutes of their homes.

“The Melbourne CBD and city fringe continues to be a favoured destination for major developers and high-net- worth investors, both locally and offshore,” Mr Hay said.

“In addition to the buoyant high-rise residential apartment market, Colliers International is finding that offshore developers are seeking to incorporate exciting new hotels, office and retail concepts into their developments.”