Lowe snares prime South Melbourne corner

The outgoing Bank of Melbourne office and Just Tools outlet.

Lowe Living is the latest developer to snare a major South Melbourne site.

Lowe is planning apartments, offices and shops at the corner of Clarendon and York streets.

The builder is paying a speculated $30 million for the 2563 square metre holding incorporating a two storey office at 200 Clarendon Street and 90-94 York – held by the Zoland family for 18 years.

A neighbouring property, 182-192 Clarendon St, part-owned by Just Tools executives since 2016 but flipped to the Zolands mid-year, was also part of the deal.

Greystar yesterday started constructing a South Melbourne Build to Rent project.

Dixon Kestles’ John Pratt and Simon Regan with Lemon Baxter’s Chris Curtain and Paul O’Sullivan brokered the sale; the amalgamation was marketed with a scheme for a nine level office or residential complex.

Lowe is intending a mix of that – two floors of workspace over six storeys of apartments; the priciest dwellings are asking $9.5m.

There will also be ground level retail, all up offering c1000 sqm in three tenancies, and basement parking.

Sandringham based Lowe, directed by Tim Lowe, is behind mid-rise apartment projects at Armadale, Beaumaris, Black Rock, Elwood and Hampton.

Earlier this year, it launched an off-the-plan marketing campaign for a luxury Brighton project, Sera, on the north west corner of Hampton and Pine streets.

Last week, the group appointed television presenter Bec Judd as brand ambassador (story continues below).

Greystar managing director Chris Key, development manager Kris Young, Icon’s Daniel Crawley and Albert Park member Martin Foley yesterday.

String of development site sales

The Lowe deal is the latest in a string around South Melbourne this year.

In May, we reported Argo Group picked up adjoining Tope St sites with plans for two high-end offices.

Valeo also purchased an ex-car yard in the suburb – 135-137 Market St – offered permit-ready for a mixed-use project.

Sydney based Fortis is behind two South Melbourne office proposals launched last year including 34-40 Eastern Rd and 313-317 Kings Way.

Greystar is also planning a Build to Rent project in the suburb, at 15-85 Gladstone St; its executives and Albert Park member Martin Foley turned the first sod for that development yesterday.

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Marc Pallisco

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