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Old October 1st, 2006, 02:13 PM   #1
silvermb
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PORT PHILLIP - St Kilda Rd projects

Version II

Chevron Green ~ near completion, enough variety in the design, looks ok


Brady Bunch have picked up Alto's construction, will start soon
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Old October 23rd, 2006, 04:45 PM   #2
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Thanks for posting pic of Chevron Marko. Trying to imagine Dannii M. looking out one of the windows though

I hope Brady don't dumb-down Alto's cool design. Hopefully it will go back to the standards of Wills Court & Tower and The Gill.

BTW Grosvenor On Queens is back in the Sydney press with ta dum! Estate Constuctions re: Neo200 developers...uhhhmm...yeah, well...

Anyway, we haven't really had any updates on it here. Has it begun construction proper yet? I know it's "off the beaten track" a bit however....



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Last edited by Muse; October 24th, 2006 at 11:48 AM.
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Old October 28th, 2006, 05:52 AM   #3
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Another project with no render
www.ivylife.com.au
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Old October 28th, 2006, 09:32 AM   #4
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I suspect this project is the old Kings Cross site just north of Toorak Rd.
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Old October 28th, 2006, 09:52 AM   #5
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A Benny Hill-esque vid hardly cuts it eh?
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Old October 29th, 2006, 01:16 AM   #6
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OMG! That crap video makes me want to not buy one, what were their Marketing thinking!? They should have spent the $15 it took to make that shit and spent it on a bloody render!
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Old November 5th, 2006, 01:02 AM   #7
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lucient display closing in a few weeks so construction can start

07 construction - alto/balencia/seasons/lucient/grovenor definite & airlie/kings cross/eden tower likely
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Old November 22nd, 2006, 03:47 PM   #8
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The Kings Cross Plaza development has just been released:

http://www.401stkildaroad.com.au/

17 apartments over 6 levels starting at $2.8 million!

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Old November 27th, 2006, 01:08 AM   #9
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The crane at All Seasons on St Kilda Rd has been up and running fro about a week now. Not too certain where the core is, but I presume they are still working on the basement levels.

The core for the Grosvenor apartments is around Level 7 and the floor plates have just surfaced above ground.
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Old November 28th, 2006, 08:08 AM   #10
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new jost crane, just like the one on burke rd. balencia works have begun as well



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Old November 28th, 2006, 12:45 PM   #11
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Quote:
Originally Posted by silvermb View Post
balencia is further toward the city

pictured cranes are for grosvenor at rear and seasons
Wow! I had no idea they were buiding TWO towers there! Have there been any renders for Grosvenor?
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Old November 28th, 2006, 12:52 PM   #12
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Quote:
Originally Posted by Qantas743 View Post
Wow! I had no idea they were buiding TWO towers there! Have there been any renders for Grosvenor?
Look at post #3 by Muse
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Old November 28th, 2006, 01:44 PM   #13
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can you email me a poicture of the noice black one by itself...........

Please.....
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Old December 3rd, 2006, 02:08 AM   #14
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Quote:
Originally Posted by silvermb View Post
lucient display closing in a few weeks so construction can start
Yep, apparently Lucient's supposed to start 1st of Feb.
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Old December 6th, 2006, 03:05 AM   #15
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and it looks like St Kilda Road will continue its residential Boom !

City-fringe strip gets lived-in feel
Email Print Normal font Large font Michelle Draper
December 6, 2006

AdvertisementANOTHER St Kilda Road office block could make way for lavish apartments, with the pending sale of a Henkell Brothers-owned building attracting interest from residential developers.

The building, at 493 St Kilda Road, is for sale with a price tag of about $17 million.

It is believed that residential developer Sunland Group is one of the final bidders.

But sources this week said they believed Henkell Brothers was asking too much for its asset, which is not fully leased. The sources said $15 million more accurately reflected the market for a building with substantial vacancies.

Selling agent Michael Gross, of Gross Waddell, said up to four parties would submit final offers on the building by Friday. He said there was a one-in-four chance the site would become a residential development. Other contenders to buy the building included investors and owner occupiers.

Sunland Group, which is behind the 322.5-metre high Q1 apartment building on the Gold Coast, has two other residential projects in St Kilda Road: the completed Yve apartments and a second luxury tower, Balencia, which is being developed with the Pellicano Group.

The projects are not the only luxury apartments planned for St Kilda Road.

Another project, Lucient, is being developed by The Lustig and Moar Group in partnership with Macquarie Real Estate Equity Funds. And Melbourne-based developer Morry Schwartz, of Pan Urban, is developing an exclusive residential tower at 401 St Kilda Road.

Sources said the Henkell Brothers building could be the next commercial site transformed into residential, as the low number of tenants makes it a prime target for redevelopment.

The building is leased to five tenants and returns only $324,000 a year, but would return about $1.2 million a year if it was full. Lengthy leases attached to some of the tenants are said to be a sticking point in negotiations to sell the building.

Another office building at 468 St Kilda Road is likely to follow close on the heels of the Henkell Brothers sale.

Expressions of interest to buy Industry Superannuation Property Trust's 14-level building at 468 St Kilda Road closed last Friday. The sale is expected to fetch ISPT more than $35 million.

The sale could eclipse the $30 million price ISPT paid for 474 St Kilda Road in October. Opus paid slightly less — about $27 million — for 437 St Kilda Road in September.

While it has been a prosperous year for the St Kilda Road office sales market, the only new buildings are residential.

Knight Frank managing director Paul Burns said no new office buildings had been built in St Kilda Road for at least 10 years. But he said strong rental growth in the sector was a catalyst for institutional and private investors buying into the strip.

St Kilda Road vacancies have dropped from 10.1 per cent last January to 9.4 per cent in July and should fall to 8.1 per cent by next January, according to a Knight Frank report.
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Old December 7th, 2006, 04:26 AM   #16
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Significant Development Projects in the City of Melbourne

8. 393-401 St Kilda Road
Proponent Pan Urban Pty Ltd
Development size and location
It is proposed to demolish the existing buildings including the small pedestrian plaza at the existing site, which is located close to Toorak Road, and construct a 7-storey building for shops / dwellings / car parking. The Proponent appealed to VCAT for the Council’s failure to make a decision within the 60 days.

Status
VCAT directed that a permit be issued generally in accordance with Council’s position to support the proposal. A permit issued on 27th June 2006. The developer has submitted plans seeking compliance with conditions of permit.
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Old December 7th, 2006, 10:40 PM   #17
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big article in todays fin rev about the revamp of St Kilda Road.
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Old December 8th, 2006, 01:58 AM   #18
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Life & Leisure
St Kilda Road gets a makeover
Susannah Petty
8 December 2006
Australian Financial Review
NEIGHBOURHOOD

For about $10,000 a square metre you can have your own luxury apartment on St Kilda Road, Susannah Petty writes.

It was once rare for Melbourne's advertising executives to state their full office address; a street number was enough. The rest was a given - they were on St Kilda Road.

Bushrangers first raised St Kilda Road's flag in the early 1900s, later surrendering custody to Melbourne's elite and their mansions, followed by wartime soldiers, then a mini apartment boom and, in the 1980s, office development for the city's creative "suits".

Today St Kilda Road is again being remade. This time luxury high-rise developers are leading the charge. Apartment blocks such as the Domain Tower, The Melburnian, St James, and Yve Apartments, home to the likes of Lloyd Williams and Lleyton Hewitt, have surpassed office complexes as the names now most synonymous with St Kilda Road.

And figures from Colliers PRD Research show the average household income along the road outstrips that of the CBD by about $400 a week.

Also, council research shows the stretch is the fastest-growing residential area within the City of Port Phillip, outpacing locales such as Port Melbourne and South Melbourne.

Already 6564 people make their home on St Kilda Road, drawn to the 3000 or so apartments that have sprung up since 1990, according to research house Charter Keck Cramer. The council expects the population to almost double to 11,011 in 15 years.

But the real news of late has been apartment sale prices.

One buyer is rumoured to have forked out $8.3 million last month for the penthouse at the Lucient tower, yet to be developed by Lustig & Moar.

The result is on a par with the $8.32 million reportedly paid a couple of years ago by Hewitt for his spot in Yve Apartments, winner of this year's Victorian Architecture Medal.

Another new development, named simply 401 St Kilda Road by the Pan Urban group, starts prices at $2.8 million, while the Lucient's prices start from $2.2 million.

The third newcomer, the Balencea by Sunland and Pellicano, has some 84 apartments averaging $1 million each.

Even in the more established buildings, such as the St James, agents say buyers are making offers that translate to about $10,000 a square metre - a hefty sum in light of lingering speculation about general apartment oversupply.

"Yes [demand is rising], no doubt about it," says Gerald Delany, managing director of Kay & Burton Real Estate. "It's for good quality apartments with the right size and right finish. The highest-demand units are probably 160 square metres up to 250 sq m and they're running around the $10,000 a square metre mark, putting the prices at $1.6 million up to $2.5 million for a three-bedroom unit."

Delany says the premier towers - those closest to Fawkner Park and the Royal Botanic Gardens - each have waiting lists of up to half a dozen buyers, with rarely more than three sales listings per building each year.

Angela Davidson of Melbourne Central Real Estate says buyers typically wait between three and eight months for their chance to make a bid, intensifying pressure on prices.

After listing one sub-penthouse in the Melburnian for $2.4 million, Davidson says more than one buyer has approached her with significantly higher offers in an effort to land the apartment.

Values are also being pushed north by a revival in the struggling St Kilda Road office market. Research from Colliers PRD shows the creation of office stock is now almost at a standstill on the road.

This, combined with successive sales of existing stock to residential developers and a string of refurbishments of remaining stock, is urging the commercial vacancy rate down.

And as rents steadily rise the likelihood of further sales of office stock for apartment conversions will diminish.

Virtually no vacant land remains on the road and all open spaces are locked up by the likes of the Victorian School for Deaf Children and Wesley College, a factor that Scott Keck of Charter Keck Cramer says sustains the quiet ambience of the area.

But the fortunes of apartments on St Kilda Road haven't always run smooth.

In 2004 and 2005, for instance, figures from Colliers PRD show the median apartment price swung from about $600,000 down to less than $400,000. In June this year the median was $415,000.

The fluctuations are due in part to shifting buyer perceptions of the general apartment market and a tightening of bids over the period.

The introduction of more low-priced stock to the road would also have tugged the median down.

Even on the stretch closest to the parks not all apartments are luxury class.

Melbourne Central Real Estate's Davidson says some medium-density apartment towers still carry two-bedroom pads for as little as $350,000 and there is a growing market on St Kilda Road for cheaper, more youthful accommodation.

Much of the new Chevron development, which incorporates the shell of an old hotel once patronised by Ava Gardner and Frank Sinatra, is pitched at the 25- to 35-year-old market, with prices starting from $290,000.

Colliers PRD director of residential Brett Griffith, who is marketing the project, says this portion of the development has virtually sold out.

Research from his firm supports the result, showing that only 9 per cent of St Kilda Road's population is aged 65 years or older, diluting the perception that the road is reserved for retirees.

An apparent rise in young families as residents has also helped spur greater community development initiatives.

Port Phillip and Melbourne City councils have been rolling out a range of projects intended to better connect residents with other areas and with each other.

On the agenda is a lift in tram speeds to quicken city access, new bike lanes, the creation of a tram link to South Melbourne and the construction of a bridge over nearby Queens Road to allow easy foot access to Albert Park.

Councillor Peter Logan, who has also battled for basic services such as delivery of the local newspaper to apartment dwellers, nonetheless believes it's important to preserve the existing nature of the road.

"It was meant to be just a boulevard between two parks: Fawkner and Albert Park, and that's how it was intended and I think that's how it's remained," Logan says. "So it's hard to retrofit that. It's about giving [residents] opportunities to get around."

Critical population mass is also drawing more services to the area.

At the Chevron development, 20 retail shops have been added; something of a first for the road which has until now boasted mainly lunch-time restaurants, and a couple of 7-Elevens.

Ken Davis, who helped establish the St Kilda Road Promotion and Precinct Committee in 1994, says the group has switched focus from business development to community building and attracts about 160 residents and business operators to its monthly meetings.

Simply giving residents a space to meet is a significant step towards overcoming the tyranny of apartment isolation, he says.

"Your pass gets you into the car park and to your floor," Davis says. "But if I'm on the 13th and you're on the 14th I can't wander up for a drink. You've got to go down to the foyer and get them to buzz you up sort of thing."

In St Kilda Road style, the meetings are sponsored by the likes of BMW, National Australia Bank and Tattersall's.
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Old December 11th, 2006, 01:12 PM   #19
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We have a hole being dug at Alto. Finally another project up and running on St Kilda Rd. By mid 2006, there will be at least 6 projects under construction in St Kilda Rd. Yipeee. Another boom and yet there are still plenty of sites to build upon in the strip!
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Old December 11th, 2006, 09:52 PM   #20
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^thanks steve. ill update emporis.
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