Cbus Property set for first St Kilda Road apartment development
Property developer and investor Cbus Property has acquired a residential development site which it hopes to bring to the market in 2024.
They snapped up 3,036 sqm at 437 St Kilda Road, in Melbourne's St Kilda Road precinct, Cbus Property's inaugural venture into the St Kilda Road area.
They secured the site from Melbourne-based investment company GLG, who will maintain a minor ownership stake in the project which has a forecasted end value of $350 million.
The site is currently obtaining development approval from the Department of Transport and Planning (DTP), featuring a design crafted by the renowned architecture firm Bates Smart.
The proposed development envisions 83 apartments spread across 17 levels.
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Cbus Property's CEO, Adrian Pozzo, expressed confidence that the 437 St Kilda Road project will uphold the high standards in their recently completed 17 Spring St development in Melbourne's CBD.
Pozzo aims to set a new benchmark in response to the market's demand for quality residential apartments.
Describing the site as one of Melbourne's premier undeveloped residential opportunities, Pozzo highlighted its prime location, offering views across Fawkner Park and proximity to the CBD, Toorak Road, South Yarra, and Albert Park.
“We consider this site to be one of the best undeveloped residential opportunities in Melbourne due to its premium address, offering views across Fawkner Park, and its proximity to the amenities of the CBD, Toorak Road, South Yarra and Albert Park," Pozzo said.
“In recognising the prime location of the site in the heart of the St Kilda Road precinct, we seized the opportunity to deliver another industry-leading residential tower for Melbourne.”
The development will include various residential amenities such as an indoor pool, gym, residents' lounge, and private dining room.
The project represents Cbus Property's fourth collaboration with Bates Smart, following ventures like Classic East Melbourne, 35 Spring St, and 17 Spring St.
With 437 St Kilda Road, Cbus Property continues its significant presence in the Melbourne property market, marking its 24th development venture in the greater Melbourne area.
The company's broader development pipeline across Australia totals $4.5 billion, covering residential and commercial projects in Melbourne, Sydney, Brisbane, and Perth.
Aligning with Cbus Property's commitment to environmentally sustainable development, the project aims to deliver residences with a net zero carbon footprint, targeting a 5-star Green Star Buildings rating.
Anticipated to launch its sales campaign in mid-2024, 437 St Kilda Road construction is scheduled to commence in 2025.