Architect-Developer Sharpens Focus on Inner-Melbourne

Architect and developer Stavros [Steven] Katsifolis is sharpening his focus on inner-Melbourne infill sites as his latest project at Richmond is approved. The development for a 220sq m site at 1 York Street was finally approved by the City of Yarra Council after more than 100 objections were filed . Most concerned the size of the building, the size of the site and that there was no rear access. “It finally went through once we spoke to the objections,” Katsifolis told The Urban Developer . The project of a single ground-floor office and seven apartments above was approved without changes. It was an amended design from his original plans that proposed just one apartment. The approved plans comprise two apartments [one with one bedroom, the other of two] on each of the first two floors, and a single two-bedroom apartment on each of the third, fourth and fifth floors. There will also be terraces and barbecue areas on the rooftop. The estimated cost for the project is $24 million, according to documents submitted to the council. Katsifolis said that construction was slated to begin next year and that the tender process to find a builder would begin soon. The site, now a carpark, last changed hands in May, 1995 for $75,000, according to CoreLogic’s property records. Richmond is something of a homeground for Katsifolis, who said he was hesitant to move further afield—he also runs supplier Marble House and said he had seen clients hit trouble after choosing the wrong location for projects. ▲ Katsifolis intends to hold the asset and fill the office tenancy once the building is completed, before selling the apartments. “In the last recession, we had clients building factories and showrooms further out,” Katsifolis said. “Some of them went bankrupt because they had no tenants, no buyers but the people who bought close to the city, sure, they didn’t make any money but they lost a little bit.” He said he had plans for another Richmond site, 258-264 Church Street, where he intended to retain a heritage facade and create a tower at the rear of the site. It would also include a basement for carparking, two floors of office, four floors of apartments and at least two penthouses. Those plans have yet to be filed with the City of Yarra Council. Carparking and public transport are other reasons Katsifolis plans to stay close to the city centre. “Carparking remains very important,” Katsifolis said. “For high-end residential or office you’re going to have at least one or two carparking spaces per unit. “We have no problem designing buildings without carparking but you’re going to have to provide the infrastructure for public transport.” ▲ The site at 921-927 High Street, Armadale, where Katsifolis is planning a seven-storey apartment building. Katsifolis also has his eye on Armadale and a site at 921-927 High Street where he wants to retain an Art Deco building and create seven floors of high-end residential apartments. He intends to start designing the plans for it next year. Katsifolis said he would hold the approved York Street project and a tenant was lined up for the office space. That’s not a new move for the architect-turned-developer who said he will buy sites, make them suitable to rent out until he can win planning permission, and then hold the office tenancies as he sells off the apartments.

Architect-Developer Sharpens Focus on Inner-Melbourne

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