Piccolo buys $35 million Kew site for next development
Boutique Melbourne property developer Piccolo has spent around $35 million on an apartment development site in affluent Kew.
The 8,475 sqm site at 18 Barry Street, on the corner of A'Beckett Street, will offer view lines across Yarra Bend Park and Studley Park, as well as the Melbourne CBD skyline.
Piccolo Managing Director Michael Piccolo said from the very beginning, they saw the AAA-rated site as a perfect fit.
"Its location, surrounded by the serenity of leafy streets and impressive vistas, combined with its scale, liveability, and character, ticks all the boxes for us," Piccolo says.
"This unique opportunity is a rare gem in the current market, where properties of such calibre are extremely scarce."
While designs are currently being drawn up by Woods Bagot, in yet another partnership between the two, the project, A Piccolo House - Barry Street, Kew, is expected to be worth around $180 million.
The newly acquired site is currently occupied by a former Residential Aged Care Facility (RACF), comprising a combination of single and two-story buildings.
"At Piccolo, we are driven by the desire to create homes that come with the promise of longevity and also enhance the lives of our residents, and the surrounding community with timeless developments," Piccolo added.
"In addition to finding the right partners, the ability to find the perfect site for every Piccolo home is an important part of achieving this goal. A building should be about more than just the residents who occupy it – if it’s loved by the community, it will remain for generations."
Piccolo will also bring in fellow long-term partner Hecker Guthrie to transform the site into a connected community.
"We are excited to join hands once more with Woods Bagot to bring to life our vision for this exceptional development site. Their innovative approach to design, combined with our commitment to excellence, will once more result in remarkable living spaces that offer both luxury and functionality."
This site acquisition follows Piccolo’s sales success with 385 Gore Street, Fitzroy which is currently under construction after selling 70% of the residences in less than 5 months.
Colliers Director for Development sites Hamish Burgess, who handled the transaction with colleagues Ian Sanders and Justin Hazell, said development propositions of this stature within one of Melbourne's most coveted residential locations are rarely offered to the market.
"Its corner location, potential for stunning view lines, proximity to Kew Junction shopping village, and unique scale provides the perfect foundation for a market-defining project.”