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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Billionaire Businessman Lloyd Williams Buys Adjoining South Yarra Development Sites

BILLIONAIRE businessman Lloyd Williams is continuing to reweight his property portfolio.

This time, in South Yarra, the racehorse owner, investor and high-density apartment builder has paid $13 million for two adjoining, historic homes (aerial pic, right) in the heart of the suburb’s uber-exclusive,  low density Botanic Gardens precinct.

Williams is expected to bulldoze the homes on the combined 1632 square metre site – including a 1930s mansion – and replace it with something more efficient, presumably a multi-level apartment complex built atop an underground car park.

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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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