Watpac Proposes $50m Development, Chapel Street

Less than a year after it acquired Melbourne-based construction company JA Dodd, Queensland-based developer Watpac has snapped up a Chapel Street development site it plans to convert into a $50 million mixed-use project.

The SJB-designed proposal at 256 Chapel Street, on the corner of King Street in Prahran, will include 750 sq m of shops on the ground floor, with 75 one or two-bedroom apartments above.

The two-level building, with ground-floor shops, was sold by developer Vicland for what is believed to be more than $10million.

Last year, Vicland sold an office building at 422 Little Collins Street to Becton for more than $22 million.

The Chapel Street development is Watpac's first Melbourne venture.

Gross Waddell director Jonathon McCormack brokered the sale and is marketing the project, which is expected to start construction next year.

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