Vision Australia's Former Prahran Office Expected to Hit the Market, With Apartment Permit

ALL eyes will turn to Prahran’s former Vision Australia site, which is understood will come back onto the market early next year, with a development permit for a $68 million, 330-unit residential village.
 
Gersh Investment Partners and Pomeroy Pacific agreed to pay Vision Australia $25.1 million for the 201 – 209 High Street office at the peak of the boom in 2007, but this deal has yet to settle.

In October, it was reported the consortium was seeking a joint venture partner to develop the project, but it’s now believed the group is hoping to breakeven, and maybe even pocket a small profit, by selling the site.
 
As well as the Prahran site, Vision Australia sold its prominent Ormond Hall site, at 557 – 563 St Kilda Road, to Stockland for $28.3 million.
 
Agents say the eventual Prahran sale price will be an interesting test as to the strength of the suburban development site sector, which has outperformed the commercial sectors in recent years.