Forza Capital has lodged plans to add an 11-storey office building atop a 470-bay Abbotsford carpark at risk of being inundated by a once-in-100-years flood from the Yarra River.
The application for the 3,880sq m landholding at 38-48 Grosvenor Street and 33 Flockhart Street is currently being advertised with the Yarra City Council, which is expected to decide on the plans at the end of October.
Forza obtained the property in May 2019 for $12 million with an initial yield of 6.76 per cent and had to work with Melbourne Water to resolve a flooding issue.
To reduce the risk Forza will keep the four-storey carpark and give it a new brick façade while building the 17,038sq m office above.
“The site has a flood inundation overlay and was generally considered to have no further value-adding potential,” Forza said on the development.
“Forza Capital was able to acquire the site at its underlying land value and has since worked with Melbourne Water on a solution to resolve the flooding issue.”
The site is located in an industrial zone on the Yarra River and adjoins an open-lot carpark and Ikea warehouse. Also nearby is the “Skipping Girl” vinegar building, which was listed for sale this year.
The Forza office building, designed by WMK Architects, has setbacks on the top four floors with terraces on level 13 and 14.
“Brickwork features predominantly at the lower levels of the built form, which sleeves the existing carpark structure,” according to the WMK Architectural design statement.
“Industrial type window fenestration and a sawtooth profile echo and acknowledge the surrounding architecture at street level.
“The upper office floorplates are encased in a lighter and more refined steel and glass structure with expressed external elements, framing a second skin to the façade which also provides practicality in the form of solar shading.”
Once complete, the building will measure 59 metres and feature a rainfall runoff garden on one side, solar panels on the rooftop and Green Star rating of 6-stars.
Forza Capital also achieved this rating by upgrading an existing building 55 Russel Street, South Brisbane with K2 Private Property.
The Melbourne-based property investors also went on to upgrade and sell the Epson headquarters in Hawthorn East for $6 million with Fitzroys commercial real estate in an off-market deal last month.