Currently an 8300 square metre ageing office, the asset is being sold with a permit for a mixed use redevelopment with shops, apartments, conference facilities and five star hotel rooms.
APBC’s revamp has been the most ambitious privately proposed redevelopment in the bayside suburb since the economic downturn, and is considered vital in re-inventing the suburb as a relevant commercial hub, as per the government’s Melbourne @ 5 Million planning policy.
But now, APBC managing director Will Deague says the Frankston tower may also suit an office, or education centre.
He said the company decided to sell Frankston to focus on its high end “art series” hotel business.
“Frankston was never planned as an art series,” Mr Deague told The Age, adding interest is also expected from operators considering redeveloping the site into something like Glen Waverley’s successful Novotel facility.
APBC paid $11.2 million for the Grollo-built Frankston building in May 2007 and appointed boutique architect Rothelowman* to redesign the structure.
At the time of purchase, the building had been earmarked for a high end apartment redevelopment, with a pre-sale registration campaign selling out almost all the proposed flats.
Nichols Crowder selling agent Geoffrey Crowder said he expects interest from developers revisiting a full residential proposal. He is marketing the site conjunctionally with CB Richard Ellis’ Andrew Dawkins and Mark Wizel.
The decision to sell Frankston follows a year of property reweighting for APBC. It’s also expecting about $8 million for the Airlie mansion at 452 St Kilda Road and $4 million from the sale of shops beneath a hotel it built on Airlie’s side yard.
It recently withdraw from sale its $110 million Kings Business Park in Southbank.
In March the Frankston City Council deferred a decision to develop the Frankston Safe Boat Harbour proposal for between 12 and 18 months, after no conforming tenders were received.
The safe boat harbour was to have been located at Olivers Hill and incorporate 300 permanent wet berths, 400 dry berths, five public launch ramps, shops, restaurants and a hotel.