The resilience of Melbourne’s premium residential market has been underscored by a $5.85-million site sale at South Yarra.
Developer Soliana, has put its foot on 39 Darling Street, currently home to a three-level complex of 10 studio apartments which has been approved for a six-apartment development.
The transaction reflects a land rate of $8705 per square metre and a unit rate of $975,000.
Cushman and Wakefield director of development sites Hamish Burgess, who handled the transaction with colleagues Joe Kairouz and Jeff Ha, said the sale highlighted the competition among developers in the precinct.
“The Stonnington development site market has been hotly sought after throughout 2024. Developers are competing to enter a precinct that continues to re-rate the market in terms of achievable residential revenues,” Burgess said.
The site is near the Royal Botanic Gardens, Fawkner Park, the Yarra River and Chapel Street.
According to Ha, the property attracted significant interest, including potential purchasers considering alternative uses.
“While a developer was the successful purchaser, we also experienced significant enquiry from our Asia markets client base looking to reposition the existing block of units,” Ha said.
The transaction reinforces South Yarra’s position as a premier location for top-end residential development.
Meanwhile, Como Terraces is nearing completion at the Como Hill precinct.
Under construction on a site at 139 Alexandra Avenue, Como Terraces is a joint venture between Sterling Global and Cbus Property.
The project, which got under way in March, 2022, comprises 39 residences across eight low-rise buildings on the 7900sq m site.
“With interior finishes now under way, [we] are almost ready to welcome residents,” Sterling Global said in a statement.
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The apartments are in a mix of four two bedroom, 34 three bedroom and a single four-bedroom home, designed by Melbourne-based studio Carr.
The project includes such high-end amenities as a formal entry with concierge and waiting lobby, a mid-level lounge space, private dining facilities with kitchen, outdoor communal terraces, and basement parking providing direct access to all residences.
A central landscaped staircase, described as reminiscent of Rome’s Spanish Steps, connects the apartment buildings and extends to the entrance lobby.
The development, which also includes three basement levels with 101 car spaces, is being delivered under a design and build contract by Hacer Group.
It is Cbus Property’s second residential joint venture after its partnership with Brookfield on Classic East Melbourne.
