APH expands CBD holding with Vosti House

A balcony off unit 10 at Vosti House.

APH Holdings has quietly acquired the Vosti House apartment building from 13 strata title owners.

The five level complex at 143-149 Franklin Street (image, top) is costing about $30 million.

The 75 level Victoria One (left) and 66 storey Lighthouse are near APH’s Elizabeth Street sites.

The deal comes a day after the developer outlaid over $40m for three sites abutting it: 441-447 and 449-451 Elizabeth St and 139-141 Franklin.

Amalgamated with Vosti House, APH’s holding now spreads 2223 square metres – a Fender Katsalidis skyscraper with offices, a five-star hotel, event spaces, sky lounge, dining and entertainment precinct is planned.

Site surrounded by skyscrapers

APH’s newest properties are opposite several of the city’s tallest apartment towers, all with Elizabeth St addresses, including Victoria One at #432 (which rises 75 levels), Lighthouse at #450 (66 storeys) and Empire at #398 (62 floors).

Also in the pocket, 500 Elizabeth St, soars 72 levels (story continues below).

Another nearby skyscraper, MY80, at the north east corner of Elizabeth and A’Beckett, is 55 storeys high.

By comparison, APH said it is proposing just 34 floors on its 2223 sqm block – a project it hopes to have completed by 2025.

Elsewhere in the area, the developer controls an 11 level ex-RMIT campus (422-440 Elizabeth St), which is longer term earmarked for a healthcare focused investment with height unknown.

Vosti House was converted into apartments in the early 1990s; for 40 years before it was an office.

It neighbours SP Setia’s Fulton Lane, at 151 Franklin St, which contains two towers – with 29 and 46 storeys.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.