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Plans to open Melbourne's first Apple superstore in South Yarra may have fallen through.
Sources say APN Property Group, which owns the prominent Fun Factory site Apple was believed to have its eye on, is revising plans for the $200 million redevelopment, and that this is unlikely to include the electronics giant.
The new master plan could include an apartment tower of over 30 levels, a hotel, and more than 12,000 square metres of retail space.
A council spokesman confirmed it had met the owner to discuss a new proposal for the site.
It was reported Apple wanted a three-level, 2000 sq m building on the north-western corner of Toorak Road and Chapel Street for its signature Melbourne store.
Some artist impressions of an imposing, monolithic outlet with a glass facade featuring only the company's white logo found their way online. The design was based on Apple's flagship store in San Francisco.
According to sources, a key reason for a change in plans is the potential retail rent APN would lose if it gave the prime part of the site to a stand-alone retailer.
Outside of the central business district, retail rents at the corner of Toorak Road and Chapel Street are considered Melbourne's most expensive. Sources say using the site as an entrance to a retail shopping centre, for example, will boost APN's bottom line.
APN is developing the site with Sydney-based Freedom Furniture co-founder Peter Palan. The consortium did not return Capital Gain's calls. An Apple spokeswoman told Capital Gain the only store it had made an announcement on is its George Street store in Sydney, which opens on Thursday.
It's widely expected Apple has identified the $500 million Myer redevelopment in Bourke Street and Chadstone Shopping Centre as sites where it wants to open smaller, open-concept stores of about 500 sq m. The Chatswood Chase Shopping Centre in Sydney is also on the radar, sources say.
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