CR Kennedy Site, South Yarra, Relisted For Sale

ONE of last year’s biggest development site sales has fallen through forcing the asset to be relisted for sale this week.

The South Yarra property at 661 – 669 Chapel Street is one of the last undeveloped sites within a former industrial precinct known as Forrest Hill that is being rebuilt by various builders as a new village with residential and office skyscrapers.

Occupied and still owned by photographic distributor CR Kennedy, the 3537 square metre site was reported to have sold for $25 million last December to design practice Metier3, which had just offloaded its interest in a Docklands office worth $240 million. It was expected Metier3 would exploit the South Yarra site’s 65 metre frontage to Chapel Street with an apartment-based village.

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Wesfarmers To Unveil New Concept Store, Urban at Target, in Melbourne

WESFARMERS owned Target will open the first of its “small format store” in Melbourne, in September.

The new store, Urban by Target, will occupy 1000 square metres of space once occupied by Virgin Megastore at the prominent Jam Factory in South Yarra, owned by Challenger.

Wesfarmers, which also owns supermarket giant Coles, is looking to expand both its Urban by Target and Target Country divisions. It’s also planning more large-format Target stores.

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Metier3 Buys CR Kennedy Site, South Yarra, Melbourne

CASHED-up design practice Metier3 is understood to have paid $25 million for a development site near the retail epicentre of Chapel Street and Toorak Road.

The 3,537 square metre parcel is one of the last remaining major industrial sites within the South Yarra pocket known as Forrest Hill, bound by Alexandra Avenue, Chapel Street, Toorak Road and the train station (which runs parallel to Yarra Street).

Forrest Hill has seen rampant high density redevelopment in recent years. One developer’s ambitious 38-level skyscraper proposal was given the green light 16 months ago.

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Chapel Street’s Conways Building Sells for $12.8 Million

Conways BuildingCHAPEL Street’s historic Conways Building sold at auction on Thursday for $12.8 million.

On a 1000 square metre site, the 2372 square metre Prahran building is configured as four ground floor retail shops, and ten upper floor commercial studios.

On a fully let basis, the property could rent for $775,000 per annum, meaning the asset sold on a 6 per cent market yield.

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Prominent Prahran Commercial Property to be Redeveloped Into Apartments

CHAPEL Street wasn’t always about designer brands and snootily staffed cafes.

Up until five years ago, one remnant of the street’s working class origins – the massive three level furniture emporium once known as Horderns and later, Rabenault, traded proudly on the south-east corner of Chapel and High streets.

For a century the retailer would strap mattresses to its beautiful but at times derelict shopfront.

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