Retailers Back 38-Level South Yarra Apartment Tower

The tower would be the tallest apartment building outside of central Melbourne, which includes the CBD, Southbank and Docklands. It is part of the $150 million “The Capitol, South Yarra” project, which will also include about 3,471 square metres of retail space, and a separate 6-level, 7,566 square metre office building.

Jim Pothitos, the Chairman of the retail association, which goes by the name of Streets Ahead Promotions Inc, describes the South Yarra development as “crucial to the ongoing viability of the Chapel Street precinct.”

“We believe redeveloping this important corner site is long overdue,” he said. “The proposal compliments the Chapel Street precinct, particularly in terms of promoting inclusive design that strengthens and reflects the unique ‘village’ character of the precinct.”

The Capitol Bakery property is an important piece of two separate structure plans recently implemented by the Stonnington City Council, designed to better marry retail and residential precincts north and south of Toorak Road.

The development has been proposed by APN Property Group’s Development Fund No 1, and Sydney-based Freedom Furniture founders Peter Palan and Julian Tertini.

On Monday night, the Stonnington City Council extended an existing permit on the site, for a 27-level apartment tower while a separate application for the much larger proposal is being processed.

A public meeting to discuss the proposed new development will be held tonight (Wednesday October 8).

Other controversial projects in the South Yarra area include Challenger’s $700 million Jam Factory redevelopment, which could see the 150-year old Chapel Street brick building demolished to make way for offices and apartments.

At the top of Chapel Street, a 25-level apartment building has been proposed for a former Lamborghini dealership at the corner of Alexandra Avenue.

High rise apartment buildings have already been developed opposite the Lamborghini site, in Richmond, and on the eastern side of Chapel Street. Several apartment buildings have views over Melbourne High School toward Port Phillip Bay.

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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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