Melbourne apartment builder Prince Corporation has acquired a development site near the Kew Junction, permit-ready for a nine-story residential building.
Interestingly, the campaign for the 538 square metre block, 1 Studley Park Road, attracted office developers, considering re-configuring the approved building shell.
The property currently includes a historic single-storey dwelling (pictured, left) occupied as a dental surgery.
It is next door to the Junktion Hotel, which extends to the corner of High Street. Opposite this hotel, the tallest building within the Kew Junction – rising 12 levels – replaced the former Q Car Dealership more than five years ago.
The property carried a guide price of up to $5 million.
The site was offered with a permit for a Plus Architecture designed complex containing 26 apartments, rooftop amenity and a ground floor café (artist’s impression, top).
Twenty two of the units are configured with two bedrooms. Dwellings built at the western edge of the proposed complex have view-lines to the Melbourne CBD, about five kilometres away.
“The site was sought after by both residential and office developers alike,” Mr Burgess said. “This sale demonstrates that permit approved sites in proven locations continue to attract interest from experienced developers looking to fill their pipeline”.