V-Leader

Michael Renzella&rsquo;s long held 1880s boom time Hotel Claremont building in South Yarra has been sold for around $22m to Andy Zhang&#39;s V-Leader group.

It comes with a permit for a $50 million, 12-level, luxury mixed use project.

Emmett's marketed the 189 Toorak Road Hotel Claremont property with $20m plus price expectations. The sale comes soon after the next corner closer to South Yarra station, a row of four Tudor style shops, has been sold with development potential for $13.15 million.

Covering 613 sqm, the 169-175 Toorak Rd property was marketed for its potential for a 10-plus level tower.

The neighbourhood has attracted attention from property developer Oreana, which has reportedly spent $48 million buying the neighbours for a hotel and wellness centre.

The three-storey brick Italianate 81-room Hotel Claremont building with two shops was built in 1886 as the South Yarra Coffee Palace, one of several temperance alcohol-free destinations.

Selling agents Michael Ludski and Luke Bisset took more than 200 enquiries including six formal expressions of interest.

They advised the buyer was likely to undergo a redevelopment along the lines of the approved project.

The permit for the 906 square metre site allows for 57 apartment development of a mixed use building comprising four shops totalling 712 square metres, 1195 square metres of office space, and 30 car parking spaces.&nbsp;

Located on the corner of Claremont Street, the property has an approved DA for construction of a mixed use building with 54 units, 4 retail shops and 5 offices plus basement car parking for 22 vehicles, 53 bicycle parks and 54 storage units.

The hotel last traded at $2,250,000 at auction in 1994.

There are two retail tenancies, Chemist Warehouse and Sirocco.

The tenants are returning a combined annual income of $181,500, with leases having termination clauses.

V-Leader has undertaken more than $440 million of property development including 6 Sydney St, Prahran, 16 apartments in a six-storey building designed by Wood Marsh Architecture.

Construction is due for completion in late 2021 by VCON Construction.

There is a $3.62 million price on the last ground floor, three bedroom, three bathroom apartment with a 187 square metre terrace/courtyard, through V-Leader agent Sam Fisher.

Michael Renzella’s Hotel Claremont building in South Yarra has sold to a local developer

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Apartment developer buys South Yarra landmark, Hotel Claremont

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A joint venture between developers <a href="https://www.urban.com.au/developers/landream">Landream</a> &amp; <a href="https://www.urban.com.au/developers/v-leader-pty-ltd">V-Leader</a> has been in the works since 2017 when they obtained the use of event venue, The Brighton International. Their plan to produce 59 high-end apartments at 81 Bay Street was granted approval by the Bayside City Council, which means apartments will be on the market from Spring 2019.

<a href="https://www.urban.com.au/architects/carr-design">Carr Design</a> (who recently completed multi-residential designs for <a href="http://www.carr.net.au/portfolio/131-residences/">131 Residences South Yarra</a> and the interiors of <a href="https://www.urban.com.au/projects/australia-108-70-southbank-boulevard-southbank">Australia 108</a>) has been engaged to design the structure as well as interiors, while Tract Consultants will be creating the outdoor environment.

The 4,100 sqm site will see a new five-story development take shape later this year, without disruption to any scheduled events up until the 30th June 2019.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/81_bay_street.png" rel="gallery-all" title="81 Bay Street Planning Image. Image: Carr Design"><img alt="" class="image-article-full-width-580px" height="281" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/81_bay_street.png?itok=PM0ATXI5" title="81 Bay Street Planning Image. Image: Carr Design" width="580"></a>

<figcaption>81 Bay Street Planning Image. Image: Carr Design</figcaption></figure>Situated in the heart of <a href="https://www.urban.com.au/new-apartments/brighton-vic">Brighton</a>, the luxury suites will feature stunning bay and city views, a wine cellar, multi-level basement car park, communal lounge, corporate meeting rooms, private dining facilities and a rooftop entertaining area. The development will also be adding to Brighton’s dining scene with a new cafe planned to open on Bay Street.

<blockquote>
“Brighton has long been a sought after location, holding such a rich heritage in the local Bayside community. 81 Bay Street will become an exclusive club only for a fortunate few offering an international level of design and liveability.”

- Henry Burbury, CBRE Director of Residential Projects Victoria.
</blockquote>

Landream recently sold-out <a href="https://www.urban.com.au/projects/opera-residences-71-macquarie-street-sydney">Opera Residences</a> at $532 million which is currently under construction. It is also developing the <a href="https://www.urban.com.au/projects/582-606-collins-street-melbourne">Residences at Mandarin Oriental at 600 Collins Street</a>, designed by <a href="https://www.urban.com.au/architects/zaha-hadid-architects">Zaha Hadid Architects</a> and <a href="https://www.urban.com.au/architects/plus-architecture">Plus Architecture</a>, which is scheduled to open in 2023.

Meanwhile, V-Leader’s $50 million <a href="https://www.urban.com.au/new-apartments/prahran-vic">Prahran</a> development, <a href="https://www.urban.com.au/projects/no-6-sydney-street-5-6-sydney-street-prahran">No. 6 Sydney Street</a> (designed by Wood Marsh) will be launched to the market via Jellis Craig soon.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/600c_6sydney.jpg" rel="gallery-all" title="L-R: 600 Collins Street | No.6 Sydney Street. Images: Landream | Third Aesthetic"><img alt="" class="image-article-full-width-580px" height="251" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/600c_6sydney.jpg?itok=vhA-OFgx" title="L-R: 600 Collins Street | No.6 Sydney Street. Images: Landream | Third Aesthetic" width="580"></a>

<figcaption>L-R: 600 Collins Street | No.6 Sydney Street. Images: Landream | Third Aesthetic</figcaption></figure>
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