Low-rise building in high-rise Southbank street listed with permit

The 1280 sqm site at 293-297 City Road, Southbank (shaded).

A Southbank property which was four years ago the subject of an 81-storey redevelopment application is for sale.

Permitted, now, for a 38-level residential building containing 218 flats and ground floor retail, 293-297 City Road, Southbank, is expected to trade for more than $20 million.

The 1280 square metre Capital City 1 zoned site contains a low-rise warehouse occupied by car hire business Budget.

The holding is situated between two towers constructed by local developer Mario Salvo: a substantial apartment skyscraper (109-117 Clarendon Street) and a more modest building (285-291 City Road).

City Road, one of Melbourne’s most high-density rows, has attracted interest from local and offshore developers in recent years.

The warehouse at 293-297 City Road, Southbank, today.

BPM’s Shadow Play, which is directly opposite 293-297 City Road is the most recently completed. Vicland’s Habitat is nearby at 58 Clarke Street.

Central Equity and Salvo Group have constructed several towers in and around the street.

Singapore’s Aspial Corporation is building Australia 108 – the tallest residential tower in the southern hemisphere – at the corner of City Road and Kavanagh Street.

Adjacent to Australia 108 is Grocon’s Eureka, which has since 2006 been Melbourne’s tallest skyscraper.

In 2018, Grocon paid $35 million for 256-266 City Road, Southbank, a 1265 sqm site earmarked for a 61-storey build-to-rent tower.

Last month we reported that PDG Corporation had entered a joint venture agreement with the state government to replace a portion of the former JB Boyd Girls School at nearby 132 Kavanagh Street, Southbank, with a 32-storey apartment building.

Nine months ago we reported that Evolve Development paid $30 million to architect firm Hayball for its Southbank headquarters at 135 Sturt Street and 80 Dodds Street. Hayball offered this 2885 sqm site with a permit for an 18-level, 206-dwelling residential building.

Immediately following the Hayball sale, rival architecture firm Rothelowman listed its Southbank headquarters at 153 Sturt Street for sale. Rothelowman also offered its 1821 sqm holding as a permit-ready opportunity: its proposed 18-storey building contains 141 units and two levels of commercial space.

Vinci Carbone’s Frank Vinci and Joseph Carbone are marketing 293-297 City Road via an expressions of interest campaign closing on September 5.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.