Luxcon has purchased a waterfront site in Port Melbourne, staring down Station Pier.
The deal with V-Leader, for 103 Beach Street, is worth $16.65 million.
The 1361 square metre parcel was offered permit-ready for a complex with 14 dwellings (artist’s impression, right).
Luxcon will rework this – its Carr designed project will contain 19 apartments, the cheapest at $2m, and a ground floor supermarket.
The end value of its proposal is estimated to be $70m.
Construction is set to begin in the next couple of months.
The property, formerly the Beacon Cove Food Store, neighbours 1-7 Waterfront Place – a 5476 sqm block held by a company led by Kuwaiti royal sheikh Mubarak Al Abdullah Al Mubarak Al Sabah – which was last month approved by council planners for a c$270m project with 126 dwellings.
Luxcon buys another Melbourne trophy
Luxcon made its maiden local purchase last year, picking up an East Melbourne office opposite Fitzroy Gardens with plans for a high-end residential complex, The Address (story continues below).
Director Ilya Melnikoff said the Port Melbourne deal is consistent with the company’s formula to seek out trophy sites.
“We may be relatively new to the Melbourne property market, but this latest acquisition demonstrates our ongoing commitment to the Victorian capital, where we are actively progressing our in-house development and tier-one equivalent construction business to ensure our brand’s ethos carries through from each project’s inception to completion,” he said.
“With a proven and respected track record of the Luxcon brand in Sydney, and the performance of our first site in East Melbourne to date, we are confident about building a Melbourne pipeline of Luxcon projects and this time bringing the brand to a Port Melbourne address,” he added.
Public amenity will form part of the Beach St proposal, according to the executive.
“The average size of each residence is approximately 110 sqm for a two-bedroom and 140-165 sqm for a three-bedroom, most with views to either the beachfront or the city,” Mr Melnikoff said.
“The top floor will feature three penthouses with expansive entertaining terraces overlooking the CBD and beachfront”.
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