Design-focused property developer, Fridcorp, has acquired a significant land holding in one of Melbourne’s most sought after inner‐city locations at 3 and 5 – 15 Shiel Street, North Melbourne, signalling a major milestone in the developer’s aggressive Melbourne growth strategy.
The 1,311 square metre site was purchased with an existing permit for 65 residences from Spec Property in early March. Together with its long‐standing design collaborator, Elenberg Fraser, Fridcorp will submit plans for an amended permit comprising circa 120 one and two bedroom apartments across 12 levels to Melbourne City Council over the coming months.
Fridcorp founder and director, Paul Fridman, says that the business is pursuing additional development opportunities in Melbourne’s inner‐city growth areas such as North Melbourne. “We believe there is strong demand for apartments in prime locations that provide a genuine alternative to a home without compromising on design or lifestyle. We are actively seeking sites in Melbourne that allow us to meet this criteria, as well as deliver long‐term investment potential and growth for owner‐occupiers and investors.
“North Melbourne is a new market for Fridcorp but the inner‐city lifestyle, combined with the new Canning Street retail hub, surrounding greenery and parklands, as well as its unique access to the CBD and airport, has seen the suburb become exponentially popular with a cross‐section of ages and demographics, and we expect a strong response to our product."Elenberg Fraser will deliver both the architecture and interiors for the project which will benefit from an extensive 37 metre Shiel Street frontage and CBD skyline views from upper levels.
Fridcorp expects to launch the project in early 2017, with construction scheduled to commence mid‐2017.
Fridcorp has approximately $1.5 billion of apartments under development, with further projects including Albion, Brisbane, South Yarra, Melbourne, and Erskineville, Sydney in progress, which will introduce an additional 1,700 apartments to the Australian market this year.