Melbourne-based developer Urban has been approved by Yarra City Council to build a $45-million boutique apartment project in trendy inner-city Fitzroy that will be one of the tallest buildings on its famed Smith Street.
The private developer will now press ahead with plans for an eight-storey residential project fronting Smith and Little Smith streets that offers 18 apartments and ground floor retail.
Urban, headed by Bart O’Callaghan and Tony Suttle, purchased the 830sq m corner site at 25 Smith Street, one block from Victoria Parade, for $7.8 million in late 2020.
The development group lodged plans for a 23-apartment scheme in sculptural precast concrete, designed by Clare Cousins Architects, in March.
Plans signalled the developer’s intentions to push the height limits of the Yarra Planning Scheme. Now that approval has been granted, Urban intends to take the 18 apartments to market.
Its approved development is set to replace a two-level industrial building on the popular high street which has recently been headquarters for skincare brand Aesop.
Urban said it will target owner-occupiers with the project, offering five two-bedroom and 13 three-bedroom apartments including one penthouse and two full-floor apartments.
O’Callaghan said the project’s design team would work with purchasers to offer bespoke designs and fit-outs. Buyers will also have the option to combine apartments to create larger living spaces.
“[The project] goes far beyond ‘light or dark’ interior choices, with the design team working collaboratively alongside purchasers from inception to ensure a home that is purpose built,” he said.
“Urban has worked to ensure buyers are offered custom design and purpose-built design modifications to create a ‘couture’ property.”
Apartments, ranging from 91sq m to 390sq m, will feature terraces offering home-size outdoor areas on each of the three facades of the building.
O’Callaghan said the building’s apartments, priced from $890,000 to $6 million, would likely appeal to local owner-occupiers or downsizers wanting to be at the centre of a suburb known for its boutique galleries and health studios as well as being less than 800m to Melbourne’s CBD.
In addition, Gertrude Street, further up the street, boasts some of Melbourne’s finest restaurants including Marion Wine Bar, Cutler and Co, and Tamura Sake Bar. The building will also be close to East Melbourne’s parks and other green spaces.
The development will be gas-free, using rooftop solar panels to optimise sustainable energy power.
Construction at 23 Smith Street, being led by Hamilton Marino Builders, will begin before the end of the year.
Urban, established more than decade ago in Melbourne, specialises in residential, commercial, retail, industrial and master-planned projects and has delivered more than $2 billion in projects.
The group recently completed its 11-storey C&L Residencies project, at 44 Oxford Street in nearby Collingwood. comprising 38 high-end apartments while retaining the heritage 19th-century red brick and bluestone facade of the existing building.
Nearby, boutique developer Piccolo has also recently been given the green light to begin building a $120-million, 49-apartment project at 385 Gore Street.
In March, Hamilton Marino began constructing another Fitzroy project, The Standard—a boutique hotel of 126 guest rooms. The Rose Street site was acquired in 2018 by private developer DealCorp, which received permit approval for the hotel in 2019.
High-rise developer Hengyi, known for its high-rise projects, is also planning to build in Fitzroy with plans for its first boutique residential project, comprising 25 two and three-bedroom apartments, across a 1200sq m site at 88 Kerr Street.
Meanwhile, SMA Projects has plans for a 65-apartment development on the site of a former theatre and television studio at 84-104 Johnston Street.
