Six parties sell Brighton block to developer
Six villa unit owners across two complexes in Brighton have united to sell their amalgamated holdings to a developer, which is planning a three level townhouse complex.
The 1750 square metre L-shaped site, comprising 50 and 54 Black Street, is costing the development strategy and sales group $10.6 million.
A c$48m project is planned with eight dwellings over a basement (this is a different scheme to the one marketed with the site – for 20 apartments).
Rooftop pools for each townhouse also forms part of the design.
Tomassi & Co’s Alby Tomassi and Morris Britton brokered the sale.
Black Street fills up
The proposed townhouse project would wrap around PB&CO’s ultra-high end Fifty Two Black Street, with optional Ralph Lauren Home interiors, which is under construction and set to rise three floors as well (story continues below).
It is also close to Fortis’ Pillar & Tide, with 16 units, again in a triple storey complex, earmarked for a 2192 sqm block covering 41A Black St and 10-12 Male.
The 50 and 54 Black St deal comes a year since we reported 11 parties united to sell a low rise commercial holding at 177 Toorak Road, South Yarra, to Oreana Property Group which, with the neighbouring site. is intending a major hospitality project expected to contain at least one skyscraper.
In 2019, 21 studio owners within a three level complex at 14 Alma Rd, St Kilda, sold out to a developer for more than $11m – or about $530,000 each, double each apartment’s market value.
On 1030 sqm, that parcel was marketed for its potential to make way for a 14-plus storey tower.
Also three years ago, and in a deal with metrics much like Black St, eight villa unit owners in central Box Hill united to sell their 2061 sqm holding to a developer for $14.1m, pricing each of the modest dwellings at $1.76m.
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