Sydney developer picks up St Kilda Road block
A recently cleared St Kilda Road site is trading for $25 million to Sydney’s Parekh Developments.
The 1804 square metre parcel at #596 was offered permit-ready for a 19-level residential complex.
Vendor Everland Global spent $34m in 2017 – at the peak of the last cycle.
That seller, Lian Beng Group, acquired it for $24.35m two years earlier.
It was also the one which obtained the permit.
596 St Kilda Road
A three level art deco apartment complex, Clivedon (pictured, top), occupied 596 St Kilda Rd between 1938-2019.
The rectangle site has frontage to Queens Lane.
The permit allows for 170 dwellings and 162 car parks; it was promoted for its potential to make way for an alternative product including an office or hotel (story continues below).
Zoned Melbourne with a postcode of 3004, the precinct is five kilometres south of the CBD.
String of sales
Last month we reported Malaysia’s Oriental Holdings was selling its Bayview on the Park hotel on 6966 sqm at 50-52 Queens Rd, near the ex-Clivedon site; Aware Super with Altis Property Partners are believed to be the buyer with plans for a Build to Rent project.
Samuel Property also recently invested in the area – in June outlaying $21m for a 1224 sqm parcel, 8 Louise Street, which runs between Queens and St Kilda roads.
Also that month, Alfred Health spent $31m on another low-rise art deco apartment block at 545 St Kilda Rd with plans for a six storey medical complex.
That project, if approved, would be the street’s first major commercial building for more than two decades.
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