Deague Family Sells Prahran Apartment Site For $5.1 Million

But it only proceeded with the Commercial Road development – the Cullen – which made headlines in early 2009 when six-storeys of scaffolding fell onto the street miraculously killing nobody.

The 1218 square metre High Street property, which was to have been known as $50 million hotel The Larwill, sold with a permit for a 69-suite complex.

However CB Richard Ellis director Mark Wizel, who marketed the site with Scott Orchard, said 118 High Street’s new owner will retain the approved five-level building envelope, which was penned by Rothelowman (pictured, above), but adapt the internal layout to provide fewer, larger apartments.

Mr Wizel said local buyers were continuing to compete for smaller sites where it was easier to obtain bank funding support.

Earlier this year, APBC sold another development site at 8 – 10 Daly Street, in South Yarra, which was also to have become an “art series” hotel, The Whiteley. However, as well as The Cullen, it did build The Olsen in South Yarra and The Blackman on St Kilda Road.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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