Work has begun on V-Leader’s office tower in the heart of a Melbourne CBD-fringe suburb.
The project on the 906sq m site at 189 Toorak Road, South Yarra, comprises seven storeys of office space above two levels of retail spaces.
The private developer chose Ironside to deliver the tower, which was designed by Skidmore, Owings and Merrill.
Co-working space provider The Commons will be an anchor tenant—the developer said 80 per cent of the net lettable area for the project is leased.
V-Leader managing director Andy Zhang said that the developer was targeting a specific tenant with the project.
“In developing the scheme for this site, we identified a lack of a high-end, contemporary offerings for smaller structures—for example, private family offices—which often sit within traditional, somewhat aged builds,” Zhang told The Urban Developer.
As part of the project, the South Yarra Coffee Palace, opened in 1887 and also known as the Hotel Claremont, will be renovated as the building transforms as an 11-storey tower.
The upper floors will be set back from the Toorak Road frontage and the original facade retained and restored.
V-Leader acquired the site in August, 2021 with the planning permit already in place for $18.7 million, according to CoreLogic property records.
In 2022, V-Leader filed plans to change the design from the previously approved 12-storeys tower to 11 storeys.
The developer wants to complete the project by the third quarter of 2025.
It is the second time the developer has collaborated with Skidmore, Owings and Merrill after the practice designed V-Leaders’ $450-million office project at 600 Lonsdale Street in the Melbourne CBD.
V-Leader recently listed that site for sale.
