The Block shifting to High Street, Prahran after objectors fail to lodge VCAT appeal
The next Channel 9 series of The Block is set for the busy cosmopolitan High Street, Prahran having overcome initial objections.
Stonnington Council has granted a permit for The Block Prahran project with the six objectors having 21 days to lodge an appeal with Victorian Civil Administrative Tribunal (VCAT).
But as no appeal was lodged council is then instructed by VCAT to issue the permit, the council's website advises.
The proposal, which will see six split-level atrium apartments above two restaurants in a converted Prahran office block, sought to waive council retail car parking requirements.
The production company, Watercress spent $8.25 million on the 1980s office building near trendy Chapel Street and opposite Swinburne University's Prahran campus last August, which was subsequently revealed by Marc Pallisco in the commercial property pages of The Age.
The $2.5 million Brenchley Architects infill works schedule for the three-storey 3540-square-metre building (pictured abpve) will be mostly internally, but sought car parking dispensation and a waiver of loading and unloading requirements in association with the food and drink premises.
Property Observer wrote earlier this year it is proposed to have a strong green influence through the recycling of the older building along with the provision of planter boxes on busy High Street.
"There will be no significant increase in the scale of the building, rather facade changes to accommodate the new internal layout," the development application said.
The shop-top dwelling application proposes to convert the existing office building into a mixed use development, comprising six three-bedroom dwellings along with two roof terraces for two of the apartments, along with a pergola in the front setback.
A total of 14 parking spaces will be provided to the dwellings at the rear of the ground floor with access from Percy Street.
The current office space is proposed as two food and drink premises totalling 254 square metres, the ARG Planning submission noted.
Citing the proximity to public transport, the development application sought the waiver from the council requirements for two cars spaces for every three bedroom apartment, one visitor car space for every five apartments and for four spaces for each 100 square metres of the food and drink space, i.e. a total 24 cars spaces.
The 1,289-square-metre holding at 121-127 High Street Prahran had been listed for sale through Vinci Carbone Property. It had been occupied by communications technology company Vixtel.
RP Data puts the median Prahran apartment price at around $513,000, up around 10% over the past year.
It's been quite an active commercial property market. Late last year the transformed 2010 former Prahran Post Office luxury mixed-use complex on its 740 square metre holding was sold for $9.1 million. It previously traded in 2004 at around $3.4 million.
The yield on the mid-1850s freestanding building at 168 Greville Street was 6.8% based on the asset's annual rental return of $620,000 through CBRE selling agents Josh Rutman, Mark Wizel and Tom Tuxworth.
About $10 million had been tipped for the 1890-square-metre, historic complex on the corner of Greville and Macquarie streets, near Chapel Street, which includes six upper-level office suites leased to four tenants.
A ground-floor area is leased to the Zucca Rossa Italian restaurant.
