Silverton – realestatesource https://www.realestatesource.com.au Commercial and residential property news Mon, 25 Jul 2011 04:00:48 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://www.realestatesource.com.au/wp-content/uploads/2024/03/rsfav-100x100.png Silverton – realestatesource https://www.realestatesource.com.au 32 32 Silverton to Sell Out of $100 Million Balwyn Project https://www.realestatesource.com.au/silverton-to-sell-out-of-100-million-balwyn-project/ Mon, 25 Jul 2011 04:00:48 +0000 http://realestatesource.com.au/wordpress/silverton-to-sell-out-of-100-million-balwyn-project.html LIFE is about to get a little less private in ritzy Monomeath Avenue – the leafy eastern suburb boulevard often touted as Melbourne’s best street.

Despite being rejected by the City of Boorondara council, the Victorian Civil and Administrative Tribunal has approved a $100 million-plus mixed use village only a block away, which will add four new apartment towers to the area - the tallest of which will rise seven levels.

The proposed new Balwyn development affects a large chunk of land on Jersey Street, which Monomeath Avenue residents use as the most straightforward thoroughfare to Whitehorse Road.
]]> The 5372 square metre site (pictured, above), which is now for sale and expected to fetch between $12 and $15 million, according to sources, currently accommodates two historic homes, an open air car park, and a shop occupied by retailer Quality Budget Flags.

Opposite the historic Palace Como Cinema, and within a small retail strip, the site at 188 Whitehorse Road is controlled by property development company Silverton, which is 90 per cent controlled by Leighton Contractors.

In 2009, the Brisbane-based group successfully lobbied VCAT to build a three level complex on the block. However, last year it pitched a much bolder proposal to build 207 flats within three towers, the tallest rising ten levels.

VCAT’s permit allows for four towers, and a total of 155 flats. The approved development will also include a large supermarket and an underground car park with 319 bays.

Savills directors Nick Dempsey and Nick Peden are selling the site for Silverton. In Melbourne, the developer also owns a development site in Keysborough in Melbourne’s outer south east.

 

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