Melbourne developer Kokoda Property has lodged plans with the City of Stonningham for an $80 million mixed-use development in Melbourne's suburb of Malvern.
Jackson Clements Burrows has been selected as the architect for the project after a competitive tender was issued by Kokoda and competed for between a number of high-profile Australian architecture firms.
The the 4,720 square metre island site, located at the corner of Dandenong and Glenferrie Roads, was purchased by Kokoda for $40 million in July 2017, an amalgamation of six adjoining retail and office properties.
The subject site sits adjacent to Malvern Station on the Pakenham, Cranbourne and Frankston rail lines.
Kokoda's proposed development will comprise two residential towers, reaching 17-storeys and 10-storeys sitting atop a podium of shops, offices, restaurants and cafes as well as the historic Angel Tavern.
“We will look to implement a masterplanned, staged development with hospitality, retail and residential components to activate this extensive site,” Kokoda Property director Sam Tucker said.
A total of 270 apartments will be spread across the two buildings, including 103 one-bedroom, 155 two-bedroom and 12 three-bedroom dwellings. Additionally 203 bicycle parks will be emplaced.
There will be ample car parking with 283 spaces provided for residents, 52 for office tenants and 30 spaces for visitors, spread across five basement levels.
Four significant single and double-storey heritage shopfronts will be retained and integrated into the design proposal to both "maintain" and "celebrate" the historical character of the suburb.
Existing laneways and links through and around the site will also be retained and enhanced to continue easy access to Malvern Station.
The building’s stepped form will also provide terraces for select apartments as well as communal rooftop spaces as well as improved landscaping along the railway corridor.
Last year, Kokoda made a $120 million deal with global investment firm Goldman Sachs to fund the construction of its Chester and Ella residential project in Newstead, Brisbane.
Chester garnered $95 million in sales after four weeks post launch in August, 2016, while Ella launched in November 2016 achieving sales of $22 million.
The developer also purchased a $9.5 million DA-approved riverfront site in Brisbane's St Lucia, with plans for a $75 million development with 60 apartments.