Goldfields snares Melbourne office site for apartments
Goldfields has quietly seized co-control of an inner east Melbourne apartment development site, with Dexus, which was planning offices.
With the deal, an off-market Dexus campaign last year to sell the 1527 square metre amalgamation at 9-15 Brighton Street, Richmond, is off the table.
The fund manager paid $35 million in 2021, with a long settlement, for a then-new opportunity trust, the Real Estate Partnership 1 (DREP1).
That deal was conditional on seller, Little Projects, obtaining a permit for a 10-level office (later approved by the Victorian Civil and Administrative Tribunal).
Goldfields and Dexus are instead planning a 12 floor project with 125 dwellings, some, townhouses.
Retail, an activated rooftop and three storey basement car park also form part of the proposal, carrying a c$150m end-value.
Across the road, Sydney developer Fortis recently unveiled plans for an office and residential complex, Wiltshire House.
Headed by Lachlan Thompson and Marco Gattino, Goldfields is behind another Richmond proposal – a hotel, on Church St (story continues below).
Change of plan
Between East Richmond and Burnley stations, 9-15 Brighton St was one of three seed DREP1 investments.
At the time – with record low interest rates and the suburban office market in favour, with work-from-home still a major trend – the manager was expected to develop an office to sell.
In marketing material seeking a tenant, it suggested the complex would be completed this year.
Instead, 12 months ago, the manager was quietly seeking buyers for the permit-ready block.
Goldfields and Dexus are now seeking approval for the taller project, with marketing and construction expected to start next year.
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