AFTER canning plans to develop a ritzy hotel, local development family the Deague’s are selling a petrol station-turned residential development site in Prahran.
The small site, at the south-west corner of High and Thomas streets, is opposite Swinburne University’s Prahran campus, and walking distance to retail mecca Chapel Street – which commands the highest retail rents of any inner-city shopping strip.
The Deagues purchased the 118 High Street site about four years ago with plans to build a hotel, the Larwill, as part of its “art” series chain.
However, like many projects by the Deague family’s Asian Pacific Building Corporation, it’s been canned. The site is expected to sell at a premium given it now has a permit – prompting speculation the wealthy family is property speculating.