Supalai and Gersh Investment Partners plan to build a 122-apartment project in inner-city Melbourne.
The project, Brunswick Yard, is a $90 million mixed-used development offering a range of one, two and three-bedroom apartments at 8 Ballarat Street, Brunswick on the corner of Ovens Street.
The 2,943sq m Brunswick Yard site and two-storey, graffiti-covered brick warehouse were acquired for $12.3 million in March last year, and planning approval was granted in August.
The Carr Architecture design will see the existing building demolished and replaced with an eight-level apartment complex featuring steel mesh wrapped around the top floors and large terraces on the fourth floor.
Melbourne's rental market recorded the weakest performance in the country over the September quarter, with unit prices dropping -3.6 per cent.
Carr Architecture director Chris McCue said the building pays homage to Brunswick’s industrial heritage.
“The architecture’s monolithic form has been articulated with glazing, to open up the interiors, and external structural elements to assimilate plantings,” McCue said.
Terraces, courtyards and mass plantings—a prominent feature of the urban building’s design—are by 360 Degrees Landscape Architects.
Thai-listed developer Supalai started investing in Australian properties in 2014, and has 7,500 dwellings in the pipeline including a 50 per cent interest in Stockland’s Donnybrook community north of Melbourne.
Supalai and Gersh have a long of history working together on projects including the $100 million Balmoral Quay development in Geelong’s Rippleside.
Gersh’s Melbourne-based chief executive Joe Gersh was also appointed to the Cromwell Property Group board in mid-September after being nominated multiple times by Singapore's ARA Asset Management for the position.