New owner for stalled Artis site
The inner-city site once set for Crown Group’s first Melbourne apartment project has sold.
The 2076 square metre parcel, 175-187 Sturt Street, at the south east corner of Miles – opposite Melbourne’s Arts Precinct – in Southbak, is understood to have collected about $16 million.
The buyer is Ashley Williams’ Evolve Development.
That builder is completing another residential project in the street, Aria, at #131-139, with 183 units over 18 levels (that site, in 2015, was earmarked for a 42 storey apartment building by previous owners – a consortium including the Cystic Fibrosis Association of Victoria).
175-187 Sturt St previously sold nine years ago for $15.5m.
Both blocks are opposite the now-shelved ‘Central Park’ themed elevated garden over freeway entrances and overpasses.
Between them is 141-151 Sturt St – which Cedar Woods is seeking to replace with a 20 level building with 180 apartments.
Crown Group entered provisional liquidation in 2023 after a public falling-out between founders Iwan Sunito and Paul Sathio. Several sites from its portfolio have since sold (continues below).
Evolve buys another Sturt Street block
Crown with G3 Projects in 2017 proposed to replace 175-187 Sturt St with Artis – with 152 units in two 18 level towers over ground floor retail and commercial – penned by Koichi Takada.
Evolve is buying the Capital City 1 zoned block with this permit – for 12,087 sqm of lettable area.
The property presently derives an income from a two level, 1940 sqm office and 24 car parks.
Stonebridge Property Group’s Julian White and Chao Zhang were the agents.
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