High-end developer Piccolo has paid around $35 million for a former aged-care home in a blue-ribbon Melbourne suburb and is planning a $180-million luxury residential development for the site.
The developer picked up the 8475sq m site at Kew, 5km east of Melbourne’s CBD and one of the city’s most affluent neighbourhoods.
The site at 18 Barry Street, on A’Beckett Corner, was acquired via a “highly contested” expressions-of-interest campaign by Colliers on behalf of Uniting AgeWell.
Piccolo’s newly acquired site is now occupied by a former residential aged-care facility comprising single and two-storey buildings.
The developer said the project value for the planned development would be in the vicinity of $180 million.
“The property offers exciting possibilities for a luxury multi-residential development with exceptional connectivity to high-street shopping strips and well-serviced by community facilities, including proximity to major hospitals and robust transport infrastructure,” according to the developer.
Piccolo said it would again work with two of its long-term partners, architects Woods Bagot and interior designers Hecker Guthrie, to transform the site into luxury residences.
Piccolo managing director Michael Piccolo that said from the outset, the developer had seen this property as a “perfect fit for Piccolo”.
“Its location … combined with its scale, liveability, and character, ticks all the boxes for us. This opportunity is a rare gem in the current market, where properties of such calibre are extremely scarce,” he said.
Colliers director for development sites Hamish Burgess handled the transaction with colleagues Ian Sanders and Justin Hazell.
This site acquisition follows Piccolo’s sales success with 385 Gore Street, Fitzroy which is under construction after selling 70 per cent of the residences in less than five months.
Kew’s status as one of the Victorian capital’s premier addresses was established early last century and was the birthplace of Australia’s 21st prime minister, Gough Whitlam.
Developer Carpe’s The Walton received planning permission in July last year for its $65-million residential project on a 2570sq m site it acquired at 86-88 Walpole and 32 Eglinton Streets, Kew, in October 2021. The site has 103m of street frontage.
The Warren and Mahoney-designed block comprises 27 apartments in a mix of two and three bedrooms.
