The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Interested in a Corporate TUD+ Membership? Access premium content, site tours, event discounts and networking opportunities
Interested in a Corporate Membership? Access exclusive member benefits today
Enquire NowEnquire
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
5
print
Print
OtherTed TabetMon 02 Mar 20

South Yarra Development Site Listed for $52m

d813f70d-8db6-426e-ac0e-9412e5b45e5c

Retail high-flyer Harry Goles is looking to take advantage of the country's tightest office market, listening a development site in Melbourne's South Yarra for $52 million.

The 2,070sq m development site, located about 4km south-east from the CBD at 671 Chapel Street, is currently home to an ageing office building.

The site is one of the last development opportunities in Forrest Hill, with a high-rise residential scheme previously submitted for the site in 2017.

The site also holds the potential for an office outcome tipped to add more weight to the suburban office boom.

Vendor Harry Goles is the managing director of fashion label Ojay, that went into administration in 2012, but has since relaunched as an online retailer.

The Chapel Street site, which backs onto Melbourne High School currently acts as the Ojay head office.

▲ According to recent research from JLL, Melbourne's South Yarra experienced prime office rents growth of 65 per cent between between 2012 and 2019.


Goles last brought the property to market in 2014 with price expectations of about $30 million, but decided to withdraw the listing soon after.

Listing agent Cushman & Wakefield noted any potential development was likely to benefit from uninterrupted views through to the CBD and benefit from its proximity to the South Yarra Train Station.

“Development sites in Melbourne’s inner-city suburbs are in high demand with only a handful being traded in recent years,” Cushman & Wakefield middle markets director Marcus Neill said.

“In South Yarra in particular, the population is expected to continue to rapidly grow supporting demand for both residential and commercial office space.”

The Ojay site is one of only a few development sites brought to market in the past two years within the tightly held suburb.

In December 2017, Melbourne property developer and industry lobbyist Marco Gattino secured 627 Chapel Street from boutique developer Fridcorp for $50 million.

The opportunistic buy came after Fridcorp failed to secure a permit for a 37-level residential tower on the site.

Gattino's development business, Goldfields, has since commenced construction of a 24,000sq m 24-storey commercial office tower despite the areas push towards a high-rise apartment zone in recent years.

OtherRetailResidentialOfficeMelbourneAustraliaOther
AUTHOR
Ted Tabet
The Urban Developer - Journalist
More articles by this author
website iconlinkedin icon
ADVERTISEMENT
TOP STORIES
Exclusive

Brains, Guts and Determination: How Salvo Property Shapes Melbourne’s Skyline

Marisa Wikramanayake
5 Min
Fraser and Partners founder Callum Fraser
Exclusive

Saving Our CBDs: Architect’s Blueprint Paves Way for Office-to-Resi that Works

Leon Della Bosca
8 Min
Exclusive

Watchdog’s Court Loss Throws Spotlight on Union Balancing Act

Clare Burnett
6 Min
Time and Place's The Queensbridge Building at 90 Queens Bridge Street in Melbourne's Southbank.
Exclusive

Innovation Keeps Time & Place’s Southbank Skyscraper Rising

Marisa Wikramanayake
6 Min
Breathe Architecture founder Jeremy McLeod in front of his Featherweight Home design
Exclusive

Nightingale Founder’s Bid for Affordable Architectural Kit Homes

Leon Della Bosca
7 Min
View All >
PBSA DA Hindmarsh Square student accomodation tower
Student Housing

Student-Friendly Adelaide Draws 35-Storey PBSA Proposal

Renee McKeown
Novus on Victoria Chatswood
Build-to-Rent

Novus Plots Second BtR Tower for Chatswood

Renee McKeown
West End Stockwell Vulture Street DA hero
Development

Stockwell Files Tower Plans in West End Stomping Ground

Phil Bartsch
The 16-storey mixed-use proposal comprises 132 apartments and 602sq m of retail/commercial tenancies...
LATEST
PBSA DA Hindmarsh Square student accomodation tower
Student Housing

Student-Friendly Adelaide Draws 35-Storey PBSA Proposal

Renee McKeown
3 Min
Novus on Victoria Chatswood
Build-to-Rent

Novus Plots Second BtR Tower for Chatswood

Renee McKeown
2 Min
West End Stockwell Vulture Street DA hero
Development

Stockwell Files Tower Plans in West End Stomping Ground

Phil Bartsch
3 Min
Westmead Gene Technologies Building EDM
Life Sciences

Plans for $272m Parramatta Biomedical Facility Go Public

Clare Burnett
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/south-yarra-development-site-listed-for-52m