THE WELL walked path between the South Yarra train station, and Chapel
Street, could see even more construction activity in 2010.
A
major development site at the north-east corner of Toorak Road and
Claremont Street, is set to hit the market soon, and sell for about $25
million.
The South Yarra site is expected to arouse interest from
residential developers who can cite the Melbourne @ 5 Million planning
strategy, to propose a high density project.
The 2,597 square metre site is spread over two adjoining blocks – the
largest at 199 Toorak Road measuring 1689 square metres and including a
1980s low-rise glass office with ground floor retail. A second site at 2
– 4 Claremont Street measures 908 square metres, and including an art
deco double-storey office building.
Sources speculate the property could make way for two apartment complexes, each rising higher than 20 levels.
CB
Richard Ellis South Yarra’s Andrew Dawkins and Scott Orchard, and
GormanKelly’s Robert Kelly and Sandro Peluso are marketing the adjoining
South Yarra sites.
Elsewhere in the immediate area, Little
Project Developments is building a luxury 24-level apartment complex to
replace a former ANZ data centre at 227 Toorak Road, while a 38-level
building is planned for the Capitol Bakeries building site, at the
corner of Chapel Street.
Appeared in
realestatesource.com.au