Grand

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Construction of Larry Kestelman's Capitol Grand project in South Yarra will soon proceed after approval from the Victorian Civil and Administrative Tribunal.
It is for a 450-unit, two-tower development. Larry Kestelman said that the decision was "great news" for those that wanted to buy one of the apartments. The one bedroom dwellings will range in size from 48m2 to 57m2 and the two bedroom dwellings from 72m2 to 150m2. The three bedroom dwellings and large penthouses extend up to 193m2. 
LK Property Group took the Stonnington Council to VCAT after failing to win council approval for the proposed 50-storey taller tower. Council officers had recommended approval.
"We do not agree with the council’s assessment that the proposed development, described by the Council as an excessively high building, when viewed in the context of the other buildings in the precinct, will result in an overbearing presence on Toorak Road, Chapel Street and the Forrest Hill Precinct," VCAT ruled.
Apartments are set to sell for between $1 million and $20 million plus for the penthouses.
Work is due to start in September on the project promoted by actress Charlize Theron on the former Capitol Bakery site in South Yarra, set at the corner of Toorak Road and Chapel Street.
"I am a passionate Melbourne developer and am very proud to be able to create a development that will bring a new level of luxury and international quality to our city. "Together with Roger Poole and his team at Bates Smart architects, we have sought to bring to life a vision for Melbourne's first luxury New York-style development that would match the iconic location of Toorak Road and Chapel Street, South Yarra. "Capitol Grand will position South Yarra back in its rightful place as the epicentre of fashion, luxury and dining and reinvigorate Chapel Street and Toorak Road," Larry Kestelman. LK Property Group has had over 4000 registrations of interest for Capitol Grand South Yarra with significant takeup of their online holding deposit pre-sales process. 
Most of the demand has been driven from the local market, with LK Property Group shortly opening the Capitol Grand sales suite. VCAT's ruling said it consider the proposed <a href="https://www.capitolgrand.com/?creative=65529753738&amp;keyword=capitol%20grand&amp;matchtype=p&amp;network=g&amp;device=c&amp;gclid=COObp4LAuMYCFVckvQodrg8Lqg" target="_blank" style="font-size: 12.1599998474121px; line-height: 1.3em;">Capitol Grand</a> development presented as "an iconic, slender, sculptured building …. which would be an architectural landmark" 
"As the history of the site was explained to us it became apparent that ultimately the proposed development for this site has become, with each iteration, a sophisticated development proposal. Whilst there was some suggestions of changes, including a reduction in height, we consider that tinkering around the edges would be counterproductive to the ultimate design," VCAT acting deputy president Jeanette G Rickards and member Peter Gray wrote in their judgment.
It is a  5,600m2 site. Several previous permits have been issued, all at the direction of the Tribunal.
They allowed for the demolition of all buildings on the land and for a mixed use development that includes shops and dwellings:
  Permit 0592/01 issued September 2002 (27 Storeys – 97.5AHD)
  Permit 0600/008 issued 30 June 2009 (‘Twin Ellipse’ or ‘Capitol 1’)(139.4 AHD)
  In November 2010 an amendment was sought to Permit 0600/008 to increase the height to 162.75 AHD. This application was rejected by the Tribunal.
  In 2013 the Tribunal amended Permit 0600/008. The design of the building was substantially changed but there was no change in the overall height of 139.4AHD (‘Capitol II’). 
To the immediate west at 227 and 229 Toorak Road is a 25 storey mixed use building known as “ILK” with a height of 89.76AHD, to the north is 627 Chapel street, a six storey office building. To the east of the site is the ‘Como’ development, containing a number of separate yet interlinked buildings which culminate in the Channel 10 building at 19 storeys in height. To the north of ‘Como’ is 670 Chapel Street, a 31 storey building with a height of 118m (125AHD). To the south of the site, along Toorak Road and Chapel Street, development is generally Victorian era shops, such as the Country Road building, of between 1 and 3 storeys in height with some contemporary infill development.
There were no height restrictions on the subject site.
Buildings that have been constructed within the precinct range in height as follows:
Yarra Street-  18 Yarra Street – 25 storeys – 80 AHD
-  2- 4 Yarra Street – 30 storeys – 101 AHD
Claremont Street
-  2 Claremont Street – 20 Storeys
-  3-5, 7-9 Claremont Street – 20 storeys - 69 AHD
-  10 Claremont Street – 15 storeys
-  12a – 14 Claremont Street – 15 storeys
-  38 - 40 Claremont Street – 19 storeys - 56 AHD
-  50 Claremont Street – 20 storeys
Daly Street
- 4-10 Daly Street – 20 storeys - 70 AHD
Chapel Street
<ul>
<li>-  631 Chapel Street (Olsen Hotel) – 15 storeys</li>
<li>-  Como Building – 18 and 20 storeys – 83 AHD</li>
<li>-  670 Chapel Street – 31 storeys - 125 AHD </li>
</ul>
 
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