Beulah joins Fitzroy building boom

Beulah is paying c$12.2 million for 430-434 George Street.

Beulah International has snapped up another inner-city development site, this time at Fitzroy.

The 1190 square metre L-shaped block at 430-434 George Street, metres from the Marquis of Lorne, is costing a speculated $12.2 million.

Also with frontage to Rose St and a laneway, the Mixed Use zoned parcel can make way for a circa-six level tower.

Beulah recently spent $11.4 million on a corner block opposite Prahran Market.

It presently derives an income from a warehouse-converted showroom occupied by armchair retailer Radar.

Gross Waddell ICR agents Alex Ham, Andrew Greenway and Andrew Waddell would not comment on buyer or price but said 10 offers were received.

The deal comes six weeks since Beulah outlaid $11.4m for a 1132 sqm corner parcel opposite Prahran Market with plans for a high end residential project.

The group is also behind a major development of Southbank’s BMW dealership, and the neighbouring Hanover House, which will contain two skyscrapers, the tallest rising 102 floors.

Another Fitzroy site earmarked for apartments

The Fitzroy purchase comes four months since local developer Piccolo picked up an Australia Post distribution centre on 1192 sqm at nearby 371-385 Gore St for just over $14m.

In August, the group quietly purchased a neighbouring c800sqm parcel for c$8m – again from Gross Waddell ICR (story continues below).

These two blocks are now earmarked for an eight level residential based project.

Also in the pocket, Pace is proposing a 12 floor apartment complex on an amalgamation of sites at the north west corner of Johnston and Gore streets, including the former Mark Tuckey Furniture store.

Last month we reported Urban lodged plans for an eight storey complex at Aesop’s outgoing headquarters, at 25 Smith St.

Chapter Group is also in the area – recently winning approval to construct a nine level mixed-use but predominantly residential building at 421 Smith St – a warehouse for years occupied by Kathmandu.

In June, Roy Morgan director Gary Morgan outlaid $5.1m on a Moor St warehouse-converted-bar, which will be repurposed.

Elsewhere in the suburb, Daniel Besen is proposing a five floor office on the ex-Turnleys hair supplies site, at 1-9 Gertrude St.

Meanwhile developer Morry Schwartz was recently refused permission to build an eight storey commercial asset on the airspace of Collingwood’s British Crown Hotel – not far from 430-434 George St.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of