Scape has quietly snapped up a prominent Melbourne CBD site with plans for a student accommodation tower.
The former service station at 23 -29 Victoria Street, at the south west corner of McKenzie, cost $32.5 million – or $36,353 per square metre.
The vendor, Perri Projects, paid $13.5m in a deal which settled three years ago.
In partnership with Wingate Property, the developer won approval to build a 25-level residential tower with 70 units – the bulk configured with three bedrooms.
Designed by Woods Bagot, that complex would also have contained 539 sqm of offices and two retail tenancies (with 86 sqm and 117 sqm).
Scape recently received permission to construct a 14-storey student accommodation complex with 344 rooms at 130-138 Leicester St, Carlton – a site it agreed to buy for a speculated $15m from Oxfam last year (story continues below).
Scape at 23-29 Victoria Street
Scape has slightly upped the height of the Victoria St tower – to 27 storeys – but it has also deleted a three floor basement car park.
Its Denton Corker Marshall proposal contains 533 beds over the top 24 levels and a rooftop with pool and entertainment spaces around barbecue facilities. A lower-level podium will be configured with communal spaces, a lobby, commercial kitchen and retail.
The 894 sqm Mixed Use zoned block, opposite the Carlton border, has north facing views over Drummond St.
The former 7-Eleven petrol station was demolished last year with the land recently excavated to make way for the development.