Fridcorp and Pirovich opt to drop their respective development opportunities
Two projects touted by their respective developers as being exceptional developments in waiting have instead been put on the market as permitted opportunities.
In North Melbourne, Fridcorp has chosen not to develop 3-15 Shiel Street, which until recently had been dubbed Wild Apartments. In light of approval being granted during May, Fridcorp along with joint venture partners Daniel Besen and Wingate had expected to launch the project to market this year.
The associated media release at the time of approval specified an expected September sales campaign launch with construction slated to begin in the first quarter of 2019. Despite earlier intentions of seeing the project to fruition, CBRE City Sales has been instructed to move the 1,311 square metre site on.
Approval is in place for the $65 million residential project in North Melbourne’s evolving Arden Urban Renewal precinct. Elenberg Fraser's design for Shiel Street includes 82 one, two and three bedroom apartments over nine levels, supported by 70 basement car parks and an extensive rooftop terrace.
During May Fridcorp founder and director, Paul Fridman said “North Melbourne is a new market for Fridcorp but, together with Daniel Besen and Wingate, we saw an opportunity with the Victorian Planning Authority’s proposed Arden precinct to deliver quality medium-density housing in Melbourne’s inner-ring that will provide long-term investment potential and growth for owner-occupiers and investors."
Fridcorp picked up the North Melbourne site from fellow developer SPEC Property during 2016 and went about reworking the previously permitted design onsite with Elenberg Fraser.
Also offered for sale is Abbotsford's 329 Johnston Street.
The Fieldwork-designed application had initially sought a mixed-use outcome incorporating retail, medical suites, offices and 41 serviced apartments in a building veiled in expanded mesh. In order to gain approval the design was trimmed to seven levels, with the serviced apartment component dropped in favour of an increased net leasable area of 6,517 square metres.
Based on a cross laminated timer design, 329 Johnston Street was to have provided a carbon-neutral construction method with an abbreviated construction time frame.
Dubbed Sol House, Pirovich describes 329 Johnston Street as "seeking to achieve Passive Haus, giving future occupiers of the building a happier and healthier place to work, rest and play. As part of the new development we are setting the building back at ground level and ceding over 200 square metres of the site to the public realm."
Savills have instead been appointed to market the 1,912 square permit approved corner site.
Pirovich joins fellow developer Alpha14 Property Group in offering for sale a permitted commercial site within City of Yarra.
Alpha14 Property Group had advanced Collingwood's 71-93 Gipps Street to construction tender with the intent of beginning construction on the 1,579 square metre site this year. Instead the site and Hayball-designed office building have been listed for sale with Colliers, incorporating an approved net leasable area of 8,426 square metres.
It is likely that the offering of both permitted and prospective office-driven development sites within City of Yarra will increase due to the torrent of commercial applications currently within the municipality.
