Presently, the biggest proposal in the immediate area is a shopping-centre based complex earmarked for the south-west corner of Bay and Male streets.
Elsewhere in the bayside area, developer Worldvest recently started marketing apartments for a complex which will replace the former Sandringham Police Station at 11 Railway Crescent in Hampton.
The former croquet club site at 30 – 42 Warleigh Grove, near the North Brighton train station and Bay Street shops has been the subject of community dispute for several years with ambitious proposals pitched by previous owners rejected at council. The site sold with a permit for a four-level, 91-unit complex.
CBus purchased it from New Zealand based retirement living company LifeCare Residences, which acquired control from ASX listed fund manager Abacus two years ago.
At about the same time Abacus entered a joint venture arrangement with bayside-focussed developer the Gillon Group to develop the former Hampton Rehabilitation Hospital site at 1 – 15 Beach Road into apartments.
The North Brighton Croquet Club site by comparison remained dormant behind a wire fence.
Coincidentally in early planning and before the economic downturn, both these sites were originally to have become aged care facilities.
CBUS chief executive officer Adrian Pozzo told Capital Gain dwellings at its new Brighton project will be generously sized and include high quality finishes.
The croquet club site acquisition is the latest in a growing portfolio for the fund manager and builder.
About two years ago, CBus redeveloped South Yarra’s former RAAF Association Building into a luxury apartment project. It is also responsible for converting the former Herald and Weekly Times headquarters on the corner of Flinders and Exhibition streets into apartments, and erecting a major office tower behind it, currently known as the Ernst & Young building.
Locally CBus controls two other office buildings in town, as well as the Hotel Lindrum and Westin Hotel, the Victoria Gardens Shopping Centre in Richmond, and a 144-unit apartment block in Carlton.
Its portfolio also includes several interstate assets.
CB Richard Ellis sold the Warleigh Grove site for LifeCare Residences.