Albert Road – realestatesource https://www.realestatesource.com.au Commercial and residential property news Tue, 13 Mar 2012 04:00:49 +0000 en-US hourly 1 https://wordpress.org/?v=7.1.3 https://www.realestatesource.com.au/wp-content/uploads/2024/03/rsfav-100x100.png Albert Road – realestatesource https://www.realestatesource.com.au 32 32 Lower Density Design to Replace Site Abutting Melbourne’s Tower of Power https://www.realestatesource.com.au/lower-density-design-to-replace-site-abutting-melbournes-tower-of-power/ Tue, 13 Mar 2012 04:00:49 +0000 http://realestatesource.com.au/wordpress/lower-density-design-to-replace-site-abutting-melbournes-tower-of-power.html SOME of Melbourne’s most influential businessmen, including active Liberal Party supporters, have defeated a developer’s plan to build a 29-level skyscraper which would have blocked Port Phillip Bay views enjoyed from apartments they own or occupy in a prestigious complex next-door.

New images affecting a site at 35 Albert Road, and to be marketed as The Emerald, Melbourne, show a 19-level, 282 unit residential project (pictured, above), which will rise no higher than 60 metres.

The proposal replaces a higher density, 420-unit application (pictured, above, right) which was the subject of a high profile development dispute in 2010.
]]> In his first intervention as planning minister last February, and ten days before the Victorian Civil and Administrative Tribunal was expected to endorse the proposed 29-level tower, planning minister Matthew Guy introduced an amendment imposing a height restriction around Albert Road, designed, he said, to protect vistas of the Shrine of Remembrance from development pressures.

This claim was disputed by the Port Phillip Council, which said the proposed 88-metre tower at 35 Albert Road would not have materially changed vistas in that street, or nearby St Kilda Road or Kings Way.

It was considered curious the state government did not seek to revoke two planning permits that had just been issued for 28-plus level towers on blocks directly opposite 35 Albert Road.

In fact, earlier this year, the street was included within a newly defined central city area, part of the state government’s new “Grand CBD” proposal, and where towers of 100-plus levels will be considered.

Shadow minister for planning and sustainable growth Brian Tee, with Albert Park MP Martin Foley, have called for an inquiry into Mr Guy’s February 2011 intervention.

High profile owners of apartments within the exclusive Domain complex at 1 Albert Road, next door, and who lobbied against the initial 35 Albert Road proposal, included former Crown Casino chief Lloyd Williams, trucking magnate Lindsay Fox, businessman Ron Walker and retired lawyer George Swinburne, who was also the secretary of the Liberal Party’s Canterbury branch.

Dubbed the ‘tower of power’ because of the financial standing of many residents, apartments within the 23-level, 81-metre Domain building are renowned for their million dollar views, north over the Shrine of Remembrance to the CBD, and south, over 35 Albert Road, to Albert Park Lake and Port Phillip Bay.

]]> Lend Lease Expecting $120 Million From Sale of Docklands Office https://www.realestatesource.com.au/lend-lease-expecting-120-million-from-sale-of-docklands-office/ Wed, 02 Mar 2011 04:00:51 +0000 http://realestatesource.com.au/wordpress/lend-lease-expecting-120-million-from-sale-of-docklands-office.html PROPERTY giant Lend Lease is expecting about $120 million from the sale of an as-yet-incomplete office in Melbourne’s Docklands – a near new city, effectively, on disused industrial land abutting the western edge of the CBD.

The 17,000 square metre office recently secured engineering firm Aurecon as an anchor tenant for 9500 square metres. Aurecom was formerly known as Connell Wagner

The building is due for completion in the second half of 2012.
]]> It’s addressed at the corner of Merchant Street near Myer’s new headquarters, according to The Australian.

Aurecom will relocate from 60 Albert Road in South Melbourne.

Lend Lease controls several Docklands sites, which it has been redeveloping as apartment and office buildings over the past decade.

]]> Hamton Dodges High Rise Development Dispute https://www.realestatesource.com.au/hamton-dodges-high-rise-development-dispute/ Fri, 18 Feb 2011 04:00:50 +0000 http://realestatesource.com.au/wordpress/hamton-dodges-high-rise-development-dispute.html AND so all eyes turn to 50 Albert Road, in South Melbourne, after the decision this week by new planning minister Matthew Guy to reject a 29-level, 88-metre proposal across the road at #35, based on height.

Hamton Property Group is planning to build a 28-level, 89-metre tower on its site at 42 – 50 Albert Road, having marketed the project, Fifty Albert, since the middle of last year.

Both the Asia-based owner of 35 Albert Road, and Hamton, paid about $15.5 million for their respective South Melbourne sites last April.

Hamton’s site was purchased with a permit for a 220-dwelling apartment complex. However it shrunk the size of the units so that 294 flats could fit within the approved building’s shell.

The Victorian Civil and Administrative Tribunal approved that major amendment last August.

By comparison the owner of 35 Albert Road proposed 420 apartments within an 88 metre tower. Another tower of similar height is proposed at 60 Albert Road, too.
]]> This week, The Age reported objectors to the 35 Albert Road proposal included influential business heavyweights (and property developers) Lindsay Fox, Ron Walker and Lloyd Williams, who occupy apartments in the 23-level Domain building nearby.

A Port Phillip Council spokeswoman told Capital Gain it did not plan to appeal Fifty Albert, based on Mr Guy’s decision regarding #35’s height.

Hamton joint director Paul Hameister says he has “no issue” with the decision that (until the next proposal for #35 is lodged) will protect water views from apartments on the top half of Fifty Albert.

]]> Skyscrapers to Sprout From Two Sites Around Melbourne’s Shrine of Remembrance https://www.realestatesource.com.au/skyscrapers-to-sprout-from-two-sites-around-melbournes-shrine-of-remembrance/ Wed, 28 Apr 2010 02:26:06 +0000 http://realestatesource.com.au/wordpress/skyscrapers-to-sprout-from-two-sites-around-melbournes-shrine-of-remembrance.html Shrine of RemembranceTWO major development sites around the Shrine of Remembrance have sold, in deals expected to see low rise office buildings replaced with skyscraper apartment towers, with a potential end value of around $250 million.

In the biggest deal, an Asia-based developer is believed to have paid about $15.5 million for a 2274 square metre site at 35 Albert Road.

A 3096 square metre office building at the address is expected to be replaced with an apartment tower, which some speculate could soar higher than 30 levels and have an end value of about $130 million.

Meanwhile across the road, boutique developer Hamton has made one of its biggest forays into the high-density residential sector.
]]> The St Kilda Road based developer is believed to have paid close to $15 million for a low-rise office building at 42 – 50 Albert Road, which was sold with a permit for a 28-level, 300-unit apartment complex, which will have an estimated end value of about $120 million.

To date, the St Kilda Road precinct’s highest skyscraper, the Royal Domain tower at 368 St Kilda Road, soars 42-levels.

Elsewhere in metropolitan Melbourne, Hamton is developing 520 apartments in Coburg, 586 apartments in Abbotsford and about 100 apartments at its Mandalay project in Malvern.

Jones Lang LaSalle’s Steven Messina is understood to be behind both Albert Road deals, but declined to comment on any part of a transaction, when contacted by Capital Gain.

The sale of 35 Albert Road continues a trend of international-based developers swooping on major residential development sites, and follows two recent CBD sites sales, totalling about $51 million, to Asia-based investors, and potentially yielding projects worth more than $500 million.

An international investor also paid close to $5 million for the former St Kilda Post Office building last year, with a permit for a five-level, 40-unit serviced apartment complex.

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