Former Vision Australia Site, Prahran to be Redeveloped into $68 Million Village
Melbourne-based asset manager Gersh Investment Partners – owner of Campbellfield’s Pipeworks Market – is redeveloping the Prahran site with consortium partner Pomeroy Pacific, a privately owned development company. Representatives for the consortium were unavailable for comment when contacted by Secret Agent.
Gersh and Pomeroy paid Vision Australia $25.1 million for the Prahran office facility, and an adjoining block of land in December 2007, but negotiated a long settlement, while it sought to obtain relevant redevelopment permits.
Elsewhere in the area, VCAT also recently approved a 38-level building proposal on the north-west corner of Toorak Road and Chapel Street in South Yarra, which will replace the existing Capitol Bakeries building.
