High end developer Argo has swooped on neighbouring South Melbourne blocks with plans for two mid-rise offices.
The 1380 square metre Z-shaped site, 45-53 Tope Street, but with 36 metres frontage to Tichborne Place, is speculated to be costing over $12 million.
Fender Katsalidis will pen five level buildings, possibly designed to look like warehouse conversions.
The office quality, Argo managing director Nick Argyrou added, would be A-grade.
Gross Waddell ICR’s Andrew Greenway and Michael Gross marketed the Commercial 2 zoned holding as a whole or in two parts.
Argo boosts pipeline
Argo recently completed the uber-luxury Ovolo Hotel (pictured, top) at 234 Toorak Road, South Yarra (story continues below).
Its development pipeline includes a 23 level office at 570 Little Bourke St, to be delivered with Hickory (led by Mr Argyrou’s brother, George), and a Fitzroy hotel, at the north east corner of Victoria Parade and Napier St.
The South Melbourne property is a block from a major commercial investment, also Austereo’s headquarters, Centuria acquired from Deague Group last year for $205.1m.
Last week, a block between that asset, and Argo’s site, with frontage to Moray, Tope and York streets, hit the market as a development play.
Several major Build to Rent providers have also bought into the suburb recently including offshore groups Hines, which outlaid c$40m for a 3366 sqm plot and Greystar, that acquired a 5984 sqm holding for $65m in 2020.
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