Forrest Hill's apartment numbers are big and getting bigger
South Yarra has consistently been a hot spot for apartment development for some time, yet the suburb's Forrest Hill Precinct continues an unprecedented surge of large-scale planning applications which continue to land with City of Stonnington.
The latest to join the ranks is 37-41 Claremont Street with Artisan Architects last week submitting plans for a 31 level residential tower on behalf of LK Property Group. Sold by CBRE City Sales during June of this year, the 970sqm site will likely see 324 new apartments added toward the northern end of Forrest Hill Precinct.
Incidentally 37-41 Claremont Street is LK Property Group's third current foray into the South Yarra apartment market with Gisele at 300 Toorak Road under construction and the suburb's tallest proposal, Capitol Grand, at sales.
The Forrest Hill tower will also accommodate 182 vehicles and 920sqm of commercial floor space within a building holding 36,546sqm of GFA, placing it among the precinct's largest. 37-41 Claremont Street is also another collaboration between architect and developer, following on from Opus Tower on City Road which has all but topped out.
Forrest Hill by the numbers
Currently the Forrest Hill subcategory within the Urban.com.au project database is holding 13 high-rise residential towers which are at various stages of the development cycle, with a combined yield of 3,010 apartments. Yarra House and Lucia are at the tail end of construction while Claremont Manor's floorplate is above ground. The remainder are at planning, approved or registrations & sales.
The four most recent planning applications lodged with City of Stonnington do tell a story of a more adventurous Forrest Hill Precinct of late. 42-48 Claremont, 671 Chapel, 37-41 Claremont and 16-22 Claremont are all considerably taller than the average Forrest Hill build over the history of the renewal precinct, and account for 1,216 dwellings or 40% of all apartments currently monitored by Urban.com.au.
The largest of all apartment developments within the precinct is yet to appear publicly. According to The Australian, Fridcorp's 627 Chapel Street will hold roughly 550 apartments in a $500 million mixed-use tower that will rival neighbour Capitol Grand at approximately 150 metres in height.
An overview of all current major apartment developments within South Yarra's Forrest Hill Precinct is seen below.
Lead image courtesy CBRE City Sales
