Crema Group is the driving force behind the purchase of 8 Palmerston Crescent, South Melbourne which was successfully sold by Colliers earlier this year. Perhaps better known as home to Pink Palace, the 908sqm island site has gone to planning with the expectation of another high-rise for this burgeoning pocket of South Melbourne.
Bids for the site closed during March, having been offered for sale for the first time in 30 years. Reportedly sold for approximately $15 million, Crema Group is spearheading redevelopment efforts for the site under entity Palmerston Crescent Development Pty Ltd.
Designed by Elenberg Fraser, plans for the mixed-use tower were lodged with City of Port Phillip during July.
Expected is an 18-storey, 64m building above 6 basement levels. Included within the basement is a wine cellar.
433sqm across the ground floor is committed to food and drink premises, whilst the tower's podium is dedicated to 3,300sqm of office space and amenities. Thereafter 44 apartments are split between 36 two-bedroom apartments, 6 three-bedrooms apartments and dual penthouses; both span 236sqm.
The design's excessive level of amenity versus the limited number of larger apartments (internals floorplans begin at 118sqm) hints at the project being positioned for owner-occupiers. Recent projects such as GURNER's Albert Place Residences nearby found immediate sales success, particularly with downsizers. Incidentally Elenberg Fraser was also the design lead behind that project.
A 413sqm rooftop lounge and pool crown 8 Palmerston Crescent.
For Crema Group, 8 Palmerston Crescent shapes as the next step in meeting Melbourne's heightened desire for oversized apartments. The developer/builder is currently building a luxury end-to-end development dubbed Derby Place in Kew.
Whilst Crema Group pushes into South Melbourne, architect Elenberg Fraser is right at home in the precinct. According to the Urban Melbourne Project Database, the design practice currently has five additional projects in development in close proximity of 8 Palmerston Crescent.
Designed by Elenberg Fraser, 37-43 Park Street, 13-21 Palmerston Crescent and 28-32 Albert Road all hold approval. 74 Eastern Road's wave-like facade is nearing construction completion and Albert Place Residences has moved to demolition, with an eye toward an immediate construction start thereafter.
All in all Elenberg Fraser are responsible for the creation of in excess of 700 apartments in the precinct.
Lead image: Google