One of two undeveloped Queens Road sites – dubbed by agents as the street’s “missing teeth” – has sold for c$30 million to Mirvac which is planning luxury apartments.
The 2323 square metre block at #31, opposite Albert Park Lake, was offered permit-ready for a 15 level project with 142 dwellings (artist’s impression, top).
Instead, the incoming owner will construct 110 units within the approved shell.
A resident only lounge, gym and pool also forms part of the complex, which aims to be all-electric with a 7-star average NatHERS (Nationwide House Energy Rating Scheme) score.
Construction should start by mid-next year with settlements expected in 2026.
Developers vie for Queens Road’s “missing teeth”
Elsewhere in the street, Aware Super and Altis Property Partners recently paid more than $70m for the former Bayview on the Park, on 6966 sqm at #50-52, with plans for a Build to Rent project.
That vendor, Bayview International Hotels & Resorts, this week listed the Eden on the Park, covering 6973 sqm at #6-9, with c$80m-plus expectations.
Coincidentally, a long-vacant tract which is part of the Eden offering, is, with #31, the other “missing tooth”.
Precinct building up
Queens Rd, like much of St Kilda Rd which runs parallel, is classified as being in Melbourne, though it has a different postcode (3004) and starts about three kilometres from Flinders St Station.
Several St Kilda Rd site deals were struck last year, including to Sydney apartment builder Parekh Developments, which outlaid c$25m for an 1830 sqm parcel at #596, in its maiden Victorian purchase, and Alfred Health, that snapped up a three level unit block (#545) to replace with a cancer research centre twice the height (story continues below).
Samuel Group also invested in the area, snaring a property on Louise St, which connects Queens Road (one holding from Mirvac’s site) to St Kilda Rd, for $21m, also with plans for a mid-rise residential project.
Mirvac returns to south side fringe
The 31 Queens Rd site is about three kilometres from the ex-Prince Henry’s Hospital, which Mirvac replaced 20 years ago as The Melburnian, with 235 dwellings.
It is also walking distance to Fawkner Park and the Albert Park Golf Course entrance (the property is actually opposite a fairway).
“Since 1994, Mirvac has made a significant contribution towards Melbourne’s urban landscape, delivering a number of high quality residential projects on Melbourne’s city fringe and throughout the suburban middle ring,” Mirvac head of Residential, Stuart Penklis, said.
“Along with The Melburnian, these include the iconic Beacon Cove [in Port Melbourne] and the more recent Yarra’s Edge [Docklands] and The Eastbourne [East Melbourne],” he added.
“The acquisition of 31 Queens Rd builds on this legacy and is expected to again set a…benchmark for quality design and development in Melbourne,” according to the executive.
“Our purchase of this site also comes at a time when we are seeing increased demand from owner-occupiers and right-sizers for city fringe apartments, with the high-quality amenity and associated lifestyle providing an attractive value proposition,” Mr Penklis said.
“Forecast supply constraints in the east coast apartment market are also expected to support demand in the near-to-medium term”.
Mirvac general manager, Residential – Victoria, Elysa Anderson, added “we expect that our focus on superior design through quality and care in every detail, sustainability and premium amenity…along with its prime location, proximity to Melbourne CBD, parks and other social infrastructure, will elevate the living experience for our residents”.
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