Evolve Developmenet Acquires Former Channel Seven Office and Proposes $190 Million Guilfoyle Tower

EVOLVE Development, the burgeoning Melbourne-based builder spearheaded by ex-Fairfax chairman Ron Walker, and business partner Ashley Williams, will develop its largest project to date in South Melbourne.

The developer is believed to have paid Westpac Funds Management about $15 million for the 35 – 47 Coventry Street development site once occupied by Channel Seven as its head office.

Westpac acquired the asset after builder St Hilliers, which bought the site from Seven in 2003, drafted a residential conversion plan for the disused office, but never proceeded with building it.
Evolve’s purchase paves the way for it to develop a $190 million apartment tower called The Guilfoyle, named after a former director of Melbourne’s Botanic Gardens, William Guilfoyle.

The Guilfoyle will soar 21 levels and include 353 apartments starting at $330,000 for a one-bedroom, and $480,000 for a two-bedroom.

Like some other high rise complexes in the nearby Southbank and St Kilda Road areas, The Guilfoyle will include an indoor heated pool, gymnasium, residents lounge and landscaped podium. Construction is set to start next January and take two years.

Elsewhere in Melbourne, Evolve has marketed projects in Prahran, North Melbourne and Wollert.

Its most controversial proposed project is in Williamstown, where it is hoping to replace disused factories with an apartment village including a tower that will rise 12-levels.