Prahran new property market set for busy 2025
Prahran's new apartment market is set for a bumper 2025, with several developments soon to come to market.
Tom Howgate's Kincrest is soon to launch The Osment, 22 apartments overlooking Grattan Gardens, while Adam Coff's Coff Property Group recently secured approval for 17 townhouses on Chomley Street.
The latest entrant to the market is B&B Property Group, who have secured the longtime St Edmonds Road home of InterFlora, the international flower and gift distributor, who hve ben in the two-level office building for the last two decades.
They will be finalising plans over 2025, but won't settle on the $9 million purchase until 2026 when Interflora relocate their new head office in West Melbourne.
Gorman Commercial's Peter Bremner and Jonathon McCormack secured the Prahran sale of the 964 sqm site which came with a design and development overlay allowing multi-level apartments or a mixed-use development to be built on the site.
The property is centrally positioned in Prahran just off Greville Street near Prahran Train station and Chapel Street, and between Malvern Road & High Street.
Ben Buxton of B&B Property Group said St Edmonds Road is a standout street in the suburb.
"The site and location presented us with a great opportunity to introduce an above market product to one of Melbourne’s oldest and most eclectic locales," Buxton says.
"The proposed building, designed by Cera Stribley Architects is a timeless homage to the colourful and creative spirit of the area."
The apartments, which will sit above ground-floor commercial and retail offerings, will be enveloped in landscaping by Jack Merlo and feature interiors by Hecker Guthrie.
Gorman Commercial's Peter Bremner said the show of confidence by B&B Property Group to acquire the site despite some continuing headwinds in the development market indicates the strength of the location and lack of future supply of sites in this central Prahran area.
“There was interest in the property from owner occupiers seeking to buy the building for their own office headquarters, but as it turned out the development value exceeded the office value which can often happen in these prime inner city fringe locations."
