Home – the Build to Rent platform established by Daniel Grollo Group and backed by Singapore sovereign wealth fund GIC – has picked up the Eden on the Park, nowadays known as the Bayview Eden, opposite Albert Park Lake.
The triple fronted 6988 square metre site covering 6-9 Queens Road is speculated to be costing about $80 million.
Some 560 apartments are planned in a c$200m project to be known as Home Albert Park.
Retail also forms part of the design while the historic Netherby mansion at the centre of the holding will be restored.
Elsewhere in Melbourne’s inner city, Home recently completed BTR projects at Richmond and Southbank.
Its development pipeline includes assets of this type in Docklands and South Yarra, and – in Sydney, at Parramatta, St Leonards and St Peters.
JLL’s Peter Harper, Josh Rutman, Nick MacFie and MingXuan Li marketed 6-9 Queens Rd for Oriental Holdings and KAH Australia (story continues below).
Another BTR project for Queens Road
The sale of 6-9 Queens Rd, struck late last year, came 18 months after Oriental Holdings offloaded another hotel in the street – the ex-Bayview on the Park at #50-52 – to Altis and Aware Super for $72.7m.
On 6986 sqm, that property is also earmarked for a BTR development with 369 dwellings in towers rising up to 15 floors.
Mirvac invested on the road recently too, paying c$30m for a 2323 sqm parcel at #31 permit-ready for a 15 storey apartment building.
If approved, Home is expected to deliver its project in three years.
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