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Stockland today announced it had acquired an apartments development site at 2-4 Yarra Street, South Yarra for $26.25 million, strengthening its presence in the Melbourne residential market.
The site is located just 4km from the Melbourne CBD at one of the highest points of South Yarra, a prestigious and sought after Melbourne suburb.
Stockland General Manager Apartments Mark Dickinson said “The acquisition of this exceptional site presents a rare opportunity for us to develop another high quality apartments project in a central Melbourne location.”
“We will capitalise on the strong demand and anticipated price growth in the Melbourne market to deliver a range of new apartments at this site.”
Mr Dickinson said Stockland’s vision for the site comprised plans for a quality residential apartment building including approximately 258 apartments, strata offices and a ground floor retail offering.
“This acquisition boosts our already substantial apartments development pipeline in Melbourne, with our $560 million mixed-use project at Tooronga Village in Melbourne’s inner east and our recent acquisition of a St. Kilda Road development site from Vision Australia.”
“Our multi-sector development expertise ensures we are well placed to deliver on this pipeline and capitalise on strong demand in the Melbourne residential market.”
Mr Dickinson said conditions in the Melbourne residential market were favourable, with record population growth and limited supply fuelling demand.
“We have seen demand strengthen in the Victorian residential market over the past six months and we expect price growth to continue in the medium term.”
“Increasing population growth, high employment levels and record low rental vacancy rates will continue to drive demand for quality apartments in inner city Melbourne,” he said.
Offering spectacular views over the Melbourne city skyline, the Dandenong ranges and Port Phillip Bay, the site is situated adjacent to South Yarra train station and just 200 metres from Chapel street, one of Melbourne’s premier fashion and entertainment precincts.
Stockland has 13 premium apartments projects in high profile locations across Australia, with an end value in excess of $3 billion.
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