R.Corporation to Sell Part of its Clara South Yarra Project, to Developers

Up for grabs is a corner of the former Surrey Road Transfer Station site, in South Yarra.

The triangular property will have a 38 metre frontage to Clara Mews, and will be connected to the remainder of the Clara residential project, which R.Corporation started marketing recently. Clara will include high end townhouses and apartments and a new park with frontage to Surrey Road.

The 1,066 square metre development site R.Corporation is selling includes historic horse stables which date back to about 1910, and which must be retained as part of any redevelopment.

The land is in the process of being rezoned from public use to Residential 1.

Grayjohnson director Matt Hoath is expecting around $2.6 million for the property.

He said the 560 square metre stables building lends itself to several types of redevelopment, including as a single home, townhouse project, or unique office building.

He said the site would be sold with existing townhouse concept plans commissioned by R.Corporation for the stables.

Any application for a redevelopment would need to be submitted to Heritage Building Council.

A spokeswoman for R.Corporation said selling the stables portion of the site was part of the developer’s plans, when it acquired the property for more than $10 million in November 2006.

The Association of Independent Schools of Victoria is also selling a development site in the South Yarra area. It can expect $4.5 million for its outgoing Garden Street offices, after recently forking out $5.75 million for an art deco office building in West Melbourne.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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