Chapter Group launches Ukiyo Prahran, adds four new development sites to its portfolio
Melbourne-based Chapter Group has underlined its aggressive expansion plans by announcing the acquisition of four separate development sites.
In light of the recent launch of the developer's super luxury Ukiyo Prahran apartment project, Chapter Group's unveiling of the four new opportunities is a vote of confidence in Melbourne's apartment sector. Covering Fitzroy, Toorak, Windsor and Armadale, the new prospects carry a combined end value in excess of $400 million.
Fitzroy's 411-421 Smith Street shapes as the largest of the quartet, and will be developed in unison with Abacus Property Group and Crema Group.
The Smith Street holding is a renovated two-storey brick complex leased to Kathmandu & Bellroy, with leases through to 2022. Expected is a mixed-use residential, commercial and retail development spanning the roughly 1,800 square metre site and holding an end value in the $100 million range.
Also on the agenda is a site on Toorak's Malvern Road. Having already partnered with developer Sin Heng Chan on The Springfield nearby, the duo have nabbed a 1,450 square metre site at 727-729 Malvern Road with intentions of creating 11 high-end apartments within a build valued at $12 million.
Further sites on Windsor's High Street and Armadale which both run in excess of 2,000 square metres in size are also in the developer's pocket.
According Chapter Group's media statement, the site purchases and intended developments are "congruent with Chapter Group’s vision of providing Melburnians with thoughtful homes that deliver design excellence, outstanding quality and unparalleled liveability. Chapter Group Director Dean Lefkos says " Our aim is to build high-quality projects in super prime locations that will provide residents with long-term gain, as opposed to projects and sites that will simply afford us short-term success.
These suburbs are recognised for their unparalleled lifestyle offering and demonstrated strength in capital growth year on year. Pricing expectations have also favoured within our parameters in recent months with vendors recognising the current environment and more prepared to agree to a reasonable deal."
The quartet of sites is also a boon for K2LD Architects; the practice is responsible for all of Chapter Group's projects to date, and have been nominated as architects for the above sites according to the developer's website.
In a further sign that Chapter Group is confident in the prospect's of Melbourne's high-end residential sector, Ukiyo Prahran is due to launch its sales campaign.
On the Porter Street, Percy Street and High Street corner, Ukiyo consists of 12 half and full floors apartments, with the top three levels of the ten level building earmarked as penthouses. Ukiyo holds an end value of $40 million and falls into a pocket of Prahran that is seeing a strong level of residential activity, with developers ITUM and SP Setia also pursuing current apartment developments.
Chapter Group's Prahran project also sees retail at ground level plus two full floors dedicated to commercial space.
Ukiyo's living options are split between 2, 3 and 4 bedroom configurations.
