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Melbourne developer Wattletree is teaming up with Dorman Capital to deliver a 20-storey mixed-use tower on one of the last remaining riverside holdings in South Yarra.
Stonnington City Council gave the green light to the 62-apartment building this week.
“The market for quality owner-occupier and downsizer apartment product is growing and from what we’re seeing, still under-served,” Wattletree director Nick Moylan said after the approval. “We’ve tailored product to suit that.”
The project came about after the two partners agreed to amalgamate three lots in Claremont Street totalling just under 1000 square metres.
It is understood the lot at 55 Claremont Street was acquired in December 2018 for $8.835 million, while two adjoining lots finalised in May this year for a total $15.5 million.
“It was all about the amalgamation of the sites and the partnership between us and Dorman Capital. That was crucial to the success of the project,” Moylan said.
“Buildings in the area are renowned for over-stacking but early on we made the deliberate decision to go the other way,” he said.
“We’re producing just 62 apartments, ranging from five residences per floor in the lower portion of the building, to full floor residences in the upper.
“It’s not true high-density living in the typical sense.”
The building will be a mix of one to four-bedroom apartments, ranging from 60sq m floor spaces to a penthouse of about 550sq m, however, Moylan said they expected to be flexible on precise layout.
The building will come to market this year although prices have still to be agreed.
The tower—which includes a mix of commercial and retail totalling 250sq m on the ground floor—was designed by SJB Architecture with interior design by Hecker Guthrie. Construction is scheduled to begin early 2023 although a builder has yet to be named.
The site is opposite Melbourne High School, originally opened in 1905, but which moved to South Yarra in 1927. It will offer uninterrupted views of central Melbourne, Yarra River and the Royal Botanical Gardens.
It will be the fifth project by Wattletree, which was founded by Moylan and business partner Rob Pitts, both formerly of Hacer Group. Their other projects have included two office projects in Hawthorn and a 33-apartment building in Clifton Hill. It’s their first partnership with Dorman Capital.
