Brookfield has entered into a joint venture agreement with Cbus Property to develop a $150 million residential apartment project over two sites in Melbourne.
The neighbouring sites are located at 22 Clarendon Street and 178 Wellington Parade, adjacent to the Pullman Melbourne on the Park Hotel, and will deliver a boutique scale development.
Bates Smart has been appointed as architects while specialist heritage architects, Lovell Chen, will oversee the revitalisation of the historic Mosspennoch House.
“This is an exciting new move for Brookfield as it represents not only our first joint venture partnership with Cbus Property but also our first residential development in Melbourne’s CBD. The development will deliver premium apartments for sale in a much sought after location,” said Brookfield Property Partners President and Chief Operating Officer - Australian Office Division Kurt Wilkinson.
Cbus Property Chief Executive Officer Adrian Pozzo said:“With East Melbourne being the most liveable suburb in the most liveable city in the world, Cbus Property is delighted to join Brookfield to deliver quintessential Melbourne residences for sale, a stone throw from the MCG and Rod Laver Arena. Bordered by the Treasury and Fitzroy Gardens, enjoying the surrounding amenity and only being a short walk from the Paris end of the CBD, we believe these apartments will be exceptionally well received by those purchasers seeking a premium apartment."
178 Wellington Parade
A brand new 11 storey apartment building will be constructed at 178 Wellington Parade, providing one, two and three-bedroom apartments which will be sold off the plan early in 2016. The building will incorporate the existing MCG Hotel and will be partly constructed over the ballroom airspace of the Pullman Melbourne on the Park Hotel.
22 – 40 Clarendon Street
The redevelopment of the 22 – 40 Clarendon Street site will see restoration of the heritage ‘Mosspennoch House’, which will be converted into, and sold as, six grand apartments. Mosspennoch House is currently unoccupied and awaiting full refurbishment.
Originally designed by architect Charles Webb, Mosspennoch House was constructed as an Italianate mansion over two storeys.It was built in 1882 for James Liddell Purves, a barrister. Mosspennoch House was the largest dwelling in East Melbourne at the time. Mosspennoch House became a boarding house, The Ritz, after Purves’ death and was purchased by the Red Cross in 1949.
A new seven level building will also be constructed on the vacant land on the site, providing a further 12 apartments in a range of three and four-bedroom configurations.
Pullman Melbourne on the Park Hotel
A $6 million upgrade of the lobby and food and beverage facilities at the adjoining Pullman Melbourne on the Park Hotel will also be undertaken by Brookfield.
With planning permits already in place, pre-sales of the apartments are set to commence early 2016 with registrations of interest being sought later this year.
Completion of the development is anticipated to occur in early 2018.