Developer Paul Fridman, together with joint venture partners Daniel Besen and real estate financiers Wingate, has secured approval for its $65 million residential tower in North Melbourne.
The 1,310sq m site located on Shiel Street will now be developed into a nine-level boutique apartment tower named “Wild”. Fridcorp appointed Melbourne architecture firm Elenberg Fraser to design the building.
The site was purchased from Spec Property in 2016 for $7 million with a permit for 65 apartments. Last year, the developer appealed a Melbourne City Council decision to place a six-storey height restriction on the site through a local planning scheme amendment.
The Victorian Civil and Administrative Tribunal ruled in Fridcorp’s favour – with the developer winning approval for 90 apartments and 70 basement car parks.
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“North Melbourne is a new market for Fridcorp but, together with Daniel Besen and Wingate, we saw an opportunity [within the] proposed Arden precinct to deliver quality medium-density housing in Melbourne’s inner-ring that will provide long-term investment potential,” said Fridman.
The Arden precinct has been earmarked for significant rejuvenation. Arden Station is currently being built as part of the Metro Tunnel and is due to open in 2026.
“Over the coming decades, the already thriving area will undergo significant urban regeneration and it is anticipated to be a base for 34,000 jobs and 15,000 residents by 2051 and medium-density housing is required to address the needs of this growing population.”
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Fridcorp currently has close to $1.5 billion worth of apartments under development, including a 50-apartment project, “East” next to Monash University’s Caulfield Campus and another 750-unit development in Brunswick.
East is set to launch within the next two months, with construction slated to commence in August.
In Sydney Fridcorp, with funding from Wingate, is developing a $400 million, 550-apartment complex in Hurstville in Sydney’s southern suburbs.
The developer declined to comment on his $400 million inner Brisbane apartment project at the old Albion Mills site. The Albion project was placed on permanent hold last year.