Deague Family to Sell Petrol Station Turned Development Site, Prahran

The site is being sold with a permit for a 69-unit apartment complex with ground floor shops, and has price expectations of around $4.5 million.

CB Richard Ellis director Mark Wizel and Scott Orchard are marketing the Prahran site for the Deagues.

The family’s development company, Asian Pacific Building Corporation, is responsible for several office, hotel residential projects around town.

It’s recently been reweighting its portfolio – also offering for sale a prominent Frankston office building, and historic St Kida Road mansion turned boutique corporate space.

One of its highest profile assets is the Kings Business Park in South Melbourne, which the group withdraw from sale last October and despite an offer of $119 million.

 

Below is a copy of an old APBC press release, promising the Larwill would be developed by March 2011 (next month)”

 

The Larwill

118-126 High Street, Prahran

This current BP service station was purchased in May 2006. Works are set to commence in May 2007 and be completed in March 2011.

The finished product will be an eighty eight room boutique style hotel within minutes walk to the trendy Chapel Street and Greville Street.

Six retail opportunities exist on the ground floor as well as basement car parking exclusive to hotel guests.

118 – 126 High Street will create twenty employment positions once complete and have an estimated end value of thirty two million dollars.

Again, the project will be architecturally designed by architect, Rothe Lowman.

 

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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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