boutique developer

The design driven inner city Melbourne developer, Neometro, has secured a site in Fitzroy for a new residential project.

As one of the last remaining development sites in Melbourne&rsquo;s Fitzroy, Neometro paid more than $9.3 million for the 450 Gore Street site, after having recently snapped up a St Kilda site for almost $22 million, which has a lease to Fitness First until 2024.

Fitzroy&rsquo;s Chris James and Chris Kombi sold 450 Gore Street, at the corner of Leicester Street on behalf of a private family, attracting strong interest from buyers, with the campaign generating more than 130 enquiries.

Chris James said they had seen prudent, highly qualified developers compete strongly for the few recent offerings in the area and as expected, 450 Gore St was no different.

&ldquo;Developers looked past inflationary pressures and growing construction costs, recognising this was an unrivalled opportunity to deliver a project in the heart of one of Australia&rsquo;s most liveable locations,&rdquo; James said.

&ldquo;Inner-city locations with excellent lifestyle qualities are particularly popular with Melburnians as flexible working arrangements become commonplace. The market&rsquo;s seen overwhelming evidence for demand in the immediate area across multiple projects.&rdquo;

The significant triple-fronted 900 sqm site is located on the tree-lined Gore Street, just behind the buzzing Smith Street, which was named the coolest street in the world by Time Out.

Fitzroy itself has recently ranked as Melbourne&rsquo;s most liveable suburb by CoreLogic, taking into consideration the abundant and accessible park, health, shopping, public transport and educational amenity.

Sitting within the Fitzroy East and Johnston Street North planning precinct, the site has favourable Mixed-Use zoning, which promotes significant density and development.

Kombi commented on the site&rsquo;s walkability, sitting within walking distance to every possible amenity, including parks, public transport, renowned bars and eateries, as well as Fitzroy swimming pool.

Along with Smith Street, the site is also close by to the Brunswick Street and Johnston Street precincts, as well as the iconic Edinburgh Gardens, and just 1.5 kilometres from the Melbourne CBD.

Neometro&rsquo;s project will be the latest development in Fitzroy, which attracts local, interstate and international guests to the precinct given its world-class offering of retailers, restaurant, cafes and bars.

The suburb is soon to be home to boutique hotel group, The Standard nearby on Rose Street, where a 126-room hotel is set to be opened in 2023.

Piccolo has recently been granted a permit for their $120 million apartment project at 385 Gore Street and sold out its 71-75 Argyle Street project, while the Victorian Government is redeveloping the Fitzroy Gasworks site into a new residential, sports and community precinct.

Nearby is also the rapidly developing Collingwood office market with multiple projects recently completed and underway, including the $111 million Aesop headquarters by Impact Investment Group, global investment group Hines&rsquo; $200 million timber tower, and projects at 51 Langridge Street and 71 Gipps Street.

[smartcode_project_cta: project_id=114139]

The campaign generated more than 130 enquiries with multiple qualified underbidders competing for the property, with high-end boutique developers, Neometro snapping up the site for $9,305,500.



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