MAB Corporation has paid more than $7 million for a development site in inner-east Melbourne.
The builder, established and owned by fifth generation Melbourne property identities Michael and Andrew Buxton, is now planning to build a seven-level office with a ground floor café and rooftop terrace on the Richmond parcel at 43-57 Blazey Street.
The Plus Architecture designed complex, expected to cost nearly $20 million to construct, will include 5444 square metres of lettable area.
The property is currently configured with two low rise warehouses which MAB hopes to demolish.
Three kilometres from the CBD, the site is close to retail amenity in Bridge Road, Victoria Street and at the Victoria Gardens Shopping Centre. Public transport via the Bridge Road tram (and further away, the Hawthorn train station), was also promoted as being in the vicinity.
The Yarra River is near the end of the street.
Five months ago, MAB announced plans to build an $18 million healthcare-focused office building at its master-planned University Hill site in Bundoora, about 16 kilometres north of the CBD. The proposal, branded 7 Ormond, would be the builder’s sixth office in the estate.
Also in March, the builder unveiled plans to build its 13th major apartment project in the pocket of Docklands it controls, Newquay. The proposed Escala building will be T-shaped, rise 20-storeys and include an office and residential component. The building, which will offer city and water views, is expected to cost about $140 million to complete.