Stockland then spent $2 million renovating the historic bluestone building that accommodates the popular Belgian Beer Café. But instead of building a boutique hotel on this portion of land as announced, Stockland sold the subdivided property to the tenant for $7 million at the start of the last economic downturn.
The balance of land – a 9031 square metre block with about 64 metres frontage to each of St Kilda Road and Moubray Street and a permit – sold to Hudson Conway in 2009 for a reported $22 million.
Hudson Conway obtained a new permit to build a multi-staged residential development which will include 329 apartments and 369 underground car parks.
The tower approved by the minister (artist impression from what looks like the top of Yve building) will have three tiers, rising 23 levels at its highest.
Sources expect the site to fetch about $27 million. Knight Frank directors Paul Henley and Ken Smirk are marketing agents with CB Richard Ellis directors Mark Wizel and Martin O’Sullivan.
The precinct is known as Melbourne with a postcode of 3004, however the site is about 4 kilometres from the GPO and at the suburb border of Prahran. Unlike many other sites in St Kilda Road, #557 benefits from being within walking distance to a train station.
In June it was reported Mr Williams paid about $13 million for two neighbouring historic homes in South Yarra’s ritzy Marne Street. That combined 1632 square metre site is expected to make way for a high-end apartment project.