forrest hill – realestatesource

A SOUTH Yarra development site within the Forrest Hill precinct that is quickly becoming a high-rise apartment compound, has sold for $5.5 million to a consortium of off-shore and local investors.

The 10 Claremont Street residential development (artist impression, right) is one of the areas densest proposals – permitted to rise 17 levels and include 104 flats of which 89 are configured with one bedroom.

When apartments first hit the market for sale last year, one bedroom flats were priced from $350,000.

Victoria

CR Kennedy Site, South Yarra, Relisted For Sale

September 8, 2011 Marc Pallisco chapel street, forrest hill, Little Project Developments, Meteir3, south yarra, South Yarra Development Site Sale, Stockland

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.

Victoria

Metier3 Buys CR Kennedy Site, South Yarra, Melbourne

December 23, 2010 Marc Pallisco chapel street, forrest hill, Metier3, south yarra, South Yarra Development Site Sale, Stockland

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.

Victoria

Another Apartment Tower Earmarked For Behind Melbourne High School

November 22, 2009 Marc Pallisco Claremont South Yarra, forrest hill, Kookai, melbourne high school, Melbourne suburban apartment tower, Michael Yates, south yarra

ANOTHER week, and another high rise apartment project has been unveiled in South Yarra.

This time, the former Kookai office and warehouse at 50 Claremont Street will be demolished, and replaced with a 20-level, 188-unit apartment building, designed by architect Bird de la Coeur, with interiors by Hassell.

Many of the units in the $110 million Claremont South Yarra development will offer unobstructed city and township views over Melbourne High School.