R.Corporation Buys Cheltenham Site For Speculated $20 Million

To date, R.Corporation’s projects have centred around the inner-city, and in particular chic suburbs including East Melbourne, Hawthorn, North Melbourne, Richmond and St Kilda.

Its biggest continuing project is in Surrey Road, South Yarra, where R.Corporation is redeveloping a former council transfer station into Clara, a luxury $140 million village near the Jam Factory and Chapel Street.

Swimsuit model and designer Jodhi Meares was employed as a lifestyle collaborator for that project, which also includes a distinct vertical garden.

Mr Rettig was unavailable for comment when contacted by Capital Gain. Kelemen Commercial directors and selling agents Andrew Egan and Rudy Kelemen declined to comment.

In a sign of how far density levels have come in Melbourne’s middle suburbs, it’s speculated the site could make way for a village containing more than 500 dwellings, most likely configured as units and townhouses.

About ten years ago, the vendor of the site, Cavanagh Residential Park Pty Ltd, had planned to redevelop the vacant block into a park, and an Over 50s community with about 150 dwellings.

Elsewhere in the immediate area, developer Hallmarc recently paid $17 million for the Highett headquarters of security transaction products giant, Leigh Mardon.

That purchase included a 4643 square metre vacant tract of land, earmarked to become offices and apartments.

Woolworths is also building a $50 million-plus mixed use development on a 1.1 hectare site it acquired for about $17 million during the economic downturn, near the Highett train station.

Earlier in the year, it was reported interests associated with education service provider Holmesglen paid developer Leighton Properties about $20 million for a site at 300 Bay Street, Cheltenham, which it is rumoured school will eventually owner occupy.

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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