Melbourne-based developer Bensons Property Group has announced plans for a $75 million residential development in Prahran.
Bensons, owned by property developer Elias Jreissati, currently has a development pipeline of more than $1 billion worth of projects across Australia.
Its latest project will look to tap into Melbourne's inner suburb of Prahran, targeting the owner-occupier market with premium interiors as well as a private pool and rooftop garden.
The 1,263sq m site, located at 10-16 Cecil Place in Prahran, toward the Windsor-end of Chapel Street, was purchased by the developer for $11.35 million in 2016.
The developer has outlaid plans for a nine-storey residential building, designed by Fender Katsalidis, with interiors by Sora Interior Architecture and Design, that will comprise 49 residences.
Architects said the building had been designed in two distinct styles, each with corresponding interiors.
Former Mirvac development director Brett Howlett, who joined Bensons midway through 2018, said the well-positioned project, dubbed Anchor & Cecil, would be a short walk from all of the nearby restaurants, bars and retail spaces.
“Future residents will be absolutely spoilt for choice when it comes to picking where to eat, what to wear and where to hang out with friends and family,” Howlett said.
“Looking at how well-positioned the project is, just a short walk from all of the nearby restaurants, bars and retail spaces – as well as its close proximity to the CBD and public transport – it really brings to mind that New York lifestyle experience of living just ‘off Broadway’ that so many people aspire to find.”
Stonnington Council has recently announced $60 million dollars redevelopment to the Cato Street carpark in Prahran just 450m from Anchor & Cecil which will provide residents direct access to 10,000sq m of open public space.
The new Cato Square development will host regular community events and festivals, becoming a new cultural hub within the suburb.
Construction is scheduled to commence later this year and tipped for completion in 2021.
Bensons has several projects under development, including Chelsworth apartments in Ivanhoe which will feature 50 apartments and the Chronicle building in Armadale with 30 apartments, both under construction by Marcus Group builders.
In Footscray, Bensons has 350 new apartments on the cards through its 24-level Liberty One development located at 1 Warde Street. The project, designed by CHT Architects will include one, two and three-bedroom apartments starting from $350,000.
Bensons also has plans for a boutique collection of 20 residences in its St James Park development located in Hawthorne. The development offers two and three-bedroom apartments with views over the manicured sporting field and leafy parkland of St James Park.