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Eyewatering site for developers at St Kilda

Property Markets / Planning, Zoning, Infrastructure

Australia / Melbourne

Feb 25 2018

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The sale of the enormous waterfront Novotel Hotel site on the Esplanade at St Kilda with a permit for a three-tower, luxury apartment project looks likely to attract a strong field of local and offshore developers looking to take advantage of pent up demand for the end product.

The 14-16 The Esplanade property comprises the eight level, 211 room, four-star Novotel Hotel that enjoys unimpeded views over Port Phillip Bay, St Kilda beach and Melbourne’s city skyline on a substantial 5791 square metre site.

The permit, for a Metier3 designed project, includes development approval for 25,581 square metres of net saleable residential area over seven levels.

CBRE’s Mark Wizel, Josh Rutman and Julian White, in conjunction with Colliers International’s Trent Hobart, Tim Storey and Mark Burgio have been appointed to market the property. 

Mr Wizel said both developers and financiers would be attracted to the very low construction risk presented by what is a relatively low rise project. 

He said the property represented an exceptional opportunity to take advantage of an outstanding location for residential development and one that would undoubtedly attract national and international attention.

 ``The location is one of the best available in inner Melbourne offering uninterrupted bay and city views within easy reach of the CBD on nearly one and a half acres of very desirable real estate. Large development sites in this part of Melbourne just don’t exist let alone come up for sale” 

``On top of that it offers a planning permit for more than 25,000 square metres of luxury apartment living designed by prominent Melbourne architect Andrew Norbury.
 
``Developers are therefore presented with an excellent location, a brilliantly conceived, designed and approved project and a ready market for their product. That is an extremely attractive proposition,’’ Mr Wizel said.

He said the proposed Esplanade development would also offer access to an enviable list of entertainment and dining venues including high-end restaurants such as Donovans and Stokehouse, as well as the St Kilda Sea Baths, just across the road.

Mr Hobart said the successful purchaser and developer of the luxury residential complex would have an opportunity to take advantage of the very strong demand for high-end apartments.

``Melbourne has a very strong luxury apartment market driven by affluent downsizers departing their prestigious and typically expansive inner-eastern properties and looking for an exciting new lifestyle option with access to every necessary amenity and that is what this location and the proposed development will undoubtedly provide.

``It really does tick every box for a development of this type and significance on Melbourne’s inner urban waterfront,’’ Mr Hobart said.  

Developments nearby both on Beaconsfield Parade & Marine Parade have seen new off the plan apartment projects sell out at over $20,000m2 which is a strong reflection of the lack of supply for buyers looking to live in the area. 

The property will be sold by Expressions of Interest closing 28 March 2017.

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