Developer doubles size of South Melbourne site
Tim Price is paying a speculated $15 million to extend a development site at the South Melbourne/Southbank border acquired three years ago.
The latest properties – two storey offices and eight car parks covering 19, 21 and 23 Dorcas Street, South Melbourne (pictured, top) – spread over 896 square metres.
The neighbouring 1016 sqm parcel, 11-17 Dorcas, with an office once owned by the late Andor Schwartz, was picked up for over $20m.
A 20 storey tower with 35 units, branded Middleton Lane and to be built in conjunction with Andy Zhang’s V-Leader, was approved in late 2021.
An off-the-plan marketing campaign launched mid-last year priced units at between $1-$4m – but construction never kicked off.
The property is opposite an office, 10-16 Dorcas St, Southbank, developer BEKL recently listed permit-ready for a 20 level hotel and apartment complex.
Cushman & Wakefield’s Oliver Hay, Daniel Wolman and Leon Ma are the agents (story continues below).
Busy quarter for Time & Place
News of the 19, 21 and 23 Dorcas St acquisition comes nine days since we reported Time & Place was permitted to replace the airspace of the city’s historic Hotel Lindrum with a 27 storey building project with 10,000 sqm of offices, 150 sqm of retail and a three level underground car park.
Mr Price paid the Magid family $50m for that site in March.
Tiga Commercial’s Martin Leong, Griffin Barret and David Sia marketed 19, 21 and 23 Dorcas St.
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