National award-winning integrated property investor and developer, Cbus Property, has acquired a circa 3,036-square-metre residential development site with an end value of $350 million in Melbourne’s St Kilda Road precinct.
The purchase of 437 St Kilda Road from Melbourne-based investment company, GLG, marks Cbus Property’s first foray into the St Kilda Road precinct. GLG will retain a minor ownership interest in the development.
The site currently has a development application lodged with the Department of Transport and Planning (DTP), with a design prepared by highly acclaimed architecture practice, Bates Smart, encompassing 83 residences across 17 levels.
Cbus Property’s Chief Executive Officer, Adrian Pozzo, said that 437 St Kilda Road would “mirror the exceptional calibre of fixtures, finishes and exclusive resident amenity” on show at the company’s recently completed 17 Spring St in Melbourne’s CBD, while setting a new benchmark in response to the market’s ongoing appetite for quality residential apartment product.
“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 amenity of the CBD, Toorak Road, South Yarra and Albert Park,” Mr 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.”
Currently planned to comprise extensive residential amenity, including an indoor pool, gym, residents’ lounge and private dining room, 437 St Kilda Road will represent Cbus Property’s fourth residential venture with Bates Smart, following Classic East Melbourne, 35 Spring St and 17 Spring St.
It also marks Cbus Property’s 24th development venture in the greater Melbourne area, adding to Cbus Property’s $4.5 billion development pipeline across Australia, with residential and commercial projects currently underway in Melbourne, Sydney, Brisbane and Perth.
In line with Cbus Property’s commitment to environmentally sustainable development principles, 437 St Kilda Road is planned to comprise healthy, comfortable and energy-efficient residences, designed to achieve net zero carbon in operation as verified by a targeted 5 Star Green Star Buildings rating.
The sales campaign for 437 St Kilda Road is anticipated to launch in mid-2024, with construction slated to commence in 2025.
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