After quietly snapping up the rundown Richmond Plaza from Coles Group last year, Grocon and Singapore sovereign wealth fund GIC are ready to begin a $220 million Build to Rent based redevelopment.
The Richmond Quarter proposal will see four major towers – the tallest rising 12 floors – built over a triple storey podium with significant frontage to Bridge Road and Church Street.
Coles actually pushed through the permit application a couple of years ago; the SJB Architects scheme will contain 360 apartments, offices, gym, 700-bay car park and 10,000 sqm of retail space including a replacement supermarket to occupy.
After purchasing it for $50m, Grocon and GIC announced the residential component would make way for BTR stock.
Last week, the pair appointed Hacer as the builder, four months after inviting tenders also from Icon, Probuild and Multiplex.
The 1.34 hectare site stretches north to Cameron St where it is adjacent to the four terraces which were the subject of TV show The Block in 2011 (story continues below).
Grocon, GIC and BTR
Richmond Plaza was the second major Melbourne property Grocon and GIC purchased with the intention of replacing with a BTR investment, part of the former’s Home Residential business division.
In early 2018 it was reported the partnership paid Altus Property $35m for a 1265 sqm site at 256-266 City Rd, Southbank, which had been approved for a 61-storey residential tower with 410 flats, also for this use.
Seven months ago, the pair paid luxury car dealer Nick Theodossi $135m for a 1.5ha collection of North Melbourne sites opposite Arden train station, which is under construction as part of the Metro Tunnel Project.
They are planning a BTR village there, too.