Developer buys Chapel Street’s ‘huts market’

The Chapel Street parcel (marked) sold for over $17,500 per square metre.

The Simonds group has snapped up South Yarra’s Chapel Lane Huts site with plans to build a family office.

The 817 square metre parcel, 430-438 Chapel Street, also with frontage to Bray, is understood to be trading for around $14.5 million.

Vendors, Franze Developments and Nick Sampieri paid the Penprazes family $11m four years ago.

Until recently, the property operated as the beach themed market, Chapel Lane Huts, with most of retailers trading from boat sheds.

The address is not far from the Jam Factory which is the subject of a $1.5 billion redevelopment application which will add apartments, offices and additional retail to the pocket.

Permit-ready profit

Franze and the Sampieri Group listed 430-438 Chapel St permit-ready for a c$55m, seven storey building with offices and ground floor retail – all up containing c3148 sqm of area (story continues below).

The Chapel Lane Huts site. Source: Google Street View.

The proposed asset (artist’s impression, top) is also designed with end of trip facilities and 36 car parks.

As well as a straight sale, the property was offered on a funds through basis with two year rental guarantee.

The Simonds’ are expected to proceed with the permitted plan possibly after some design amendments.

Gross Waddell’s Danny Clark, Michael Gross and Alex Ham acted for Franze and Sampieri Group.

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Marc Pallisco

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