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RESIDENTIAL | news & discussion, concepts & unbuilt projects

Mark Baljak's picture
#1

http://www.theage.com.au/victoria/unit-boom-to-squeeze-city-20130323-2gn...

A record number of new apartments in some of Melbourne's most popular inner suburbs will put further pressure on the city's infrastructure and services, although tenants are set to enjoy cheaper rents.

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Ryan Seychell's picture

Unbuilt project designed by Plus Architecture for the CBD, not sure on the address though.

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Mark Baljak's picture

what a shame, it's a ripper

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Chris Peska's picture

^^WOW! The use of pink glass is great!

Observe. Design. Build. Live.

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Laurence Dragomir's picture

The site looks like it's either that of Abode318 or thereabouts.

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Mark Baljak's picture

i'd say exploration lane

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Mark Baljak's picture
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Fedsquared's picture

http://www.landsburys.com.au/DailyWrap/Vol-14--No-54

Mixed-use Development Planned for the Carlton & United Brewery Site (AFR Pg. 38)
Singapore-listed group Chip Eng Seng is planning to develop 1,000 apartments at the Carlton & United Brewery site at 170 Victoria Street, Melbourne.
The 2,927m² site was purchased from private developer Grocon for $32 million.
The plans also include street-level retail space and basement car parking.

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Mark Baljak's picture

1000 wow, i think the dcm tower approved at 281m had 600 apartments

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Laurence Dragomir's picture

Sounds like CEL have bought the whole site (apart from maybe Swanston Square). Grocon originally paid $39M for the site back in '06.

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Alastair Taylor's picture

1000. that's 1 and 3/4 Australia 108s.

jus' saying.

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Qantas743's picture

Fantastic news!

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Chris Peska's picture

If they can sell the rest of the site as quick as they sold Tower Melbourne, we could be seeing some action pretty soon. have you got any source to confirm this?

Observe. Design. Build. Live.

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Fedsquared's picture

Article in the Fin Review (found through Landsburys-as per link). Great to see CEL involved.

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Chris Peska's picture

ah yes... maybe next time i should scroll up a bit more... lol cheers for that.

Observe. Design. Build. Live.

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Dean's picture

As developers Grocon have pretty much wrecked their opportunities here which goes to show they're a prolific builder but that's all. It's better that a company like CEL have the site as evidenced with their super slick campaign to market Tower Melbourne(and previously 33 Mackenzie Street) and have virtually sold the damn thing out in just a few months. They know how to market and bring big projects to fruition unlike Grocon it seems.

Still Grocon will make a pile of cash from this site but it's been seven years since they bought it and still yet to actually start anything??? Far out.

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Fedsquared's picture

Press Release

http://www.chipengseng.com/administration/NewsReports/03a7ed4b-6d13-49aa...

INCORPORATION OF SUBSIDIARY AND PURCHASE OF A VACANT DEVELOPMENT
SITE AT 170 VICTORIA STREET, MELBOURNE VIC
The Board of Directors of Chip Eng Seng Corporation Ltd (the “Company”) is pleased to
announce that the Group has incorporated a wholly owned subsidiary, CES-Victoria (Vic) Pty
Ltd (“CES-Victoria”) in Australia and CES-Victoria has entered into a Contract of Sale (the
“Agreement”) to purchase a development site at 170 Victoria Street, Melbourne Vic (the
“Site”). The purchase price for the Site is A$32,000,000 plus GST (the “Purchase
Consideration”).
The Site is virtually vacant except for a 2 storey heritage building shell which will form part of
any future development. The Site is situated in a high profile CBD fringe location on the
corner of Victoria Street and Bouverie Street at the northern termination of the major
Melbourne axis of Swanston Street.
The site area of 2,927 square metres will be re-developed into a staged, multi storey mixed
use high rise development of residential accommodation of approximately 1,000 apartments,
street level retail space and a number of podium levels of secure parking in addition to 2
levels of basement car parking (the “Proposed Development”).
The purchase of the Site is subject to the approval of Foreign Investment Review Board of
Australia.
The Purchase Price and the Proposed Development will be financed by internal sources and
bank borrowings and the Proposed Development is not expected to have any material
impact on the net tangible assets and earnings per share of the Group for the current
financial year ending 31 December 2013.

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Mark Baljak's picture

mmm wonder how many towers will evenduate

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Ryan Seychell's picture

That's awesome news, i'd imagine this would be their next project after Tower Melbourne, so hopefully its something equally as great.

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Laurence Dragomir's picture

Having bought 33 Mackenzie St (permit and all) from Pan Urban, CEL could very well proceed with the DCM tower and any of the other buildings as they are albeit with some internal reconfiguring.

Judging by the 1,000 apartments figure they may have bought the whole development west of the Swanston axis, so DCM, Delta and the MCR building.

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Ryan Seychell's picture

According to this old article I found in the Australian: http://www.theaustralian.com.au/archive/business-old/grocon-in-last-call... the bluestone buildings take up around 2,000sqm. Don't know how accurate that information is, but you could be right..

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Laurence Dragomir's picture

For reference:

Original image taken from:

http://ourvision.com.au/index.php/commercial/

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Fedsquared's picture

http://www.theage.com.au/business/property/new-wild-west-could-enrich-st...

Permit's in the mail
Australia Post is also set to profit from some recent ministerial intervention.
The government agency can expect about $22 million from the sale of 640-652 Bourke Street, an asset it bought in 1974 and since has failed to sell at various stages since 1991.
Last year, Australia Post applied for a permit to replace assorted historic warehouses on the site with a 42-level, 563-unit apartment tower with 249 car parks and four ground level shops. So big was the proposal, it needed to be decided by the Planning Minister. Permission was granted three weeks ago.

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Dangerous Beans's picture

Hopefully the permit requires the retention of the bourke street facade at the very least.

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Peter Maltezos's picture

Agree, let's hope that they don't knock down any of the buildings below.

I collect, therefore I am.
thecollectormm.com.au

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Mark Baljak's picture

indeed it does

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