Chapter Group sells Prahran strata offifor $10.5 …...Chapter Group sells Prahran strata oces to...
Transcript of Chapter Group sells Prahran strata offifor $10.5 …...Chapter Group sells Prahran strata oces to...
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! �NEWS ø RESEARCH ABOUTUS CONTACTUS ADVERTISE
ChapterGroupsellsPrahranstratao�cesto
onebuyerfor$10.5millionġ August5,2019 � MarcPallisco
ChapterGrouphassoldthestratao�cecomponentofamixed-usedevelopmentsettostart
constructioninPrahran.
Asingleowner-occupierispaying$10.5millionforthethree-level,1250squaremetrespace
(outlined,top),partoftheUkiyocomplex,mootedfor101HighStreet.
TheA-gradeo�cewasinitiallygoingtobesolddowninsubdividedportions,beforethepurchaser
camealong.
ColliersInternational’sBenBaines,AndrewRyanandRaphaelFavaswithKnightFrank’sMatt
RomaninandNickBessetrepresentedChapterGroup–adiversi�eddeveloperledbyDeanLefkos.
MrFavassaidthebuyerwasattractedtothebuilding’s“strikingdesignandstrategicpositioning
withinwalkingdistancetohighlydesirableamenityincludingChapelStreetandPrahranstation”.
NicDeLucasellsBunningsLawntonfor
$18.68millionAugust8,2019
FilmmakerMaggieFookelists12-bedroom
FitzroyhometradingasBrooklynArtsHotel
August8,2019
Coleslistshigh-pro�leGardenvale
developmentsiteAugust6,2019
BarStudiopays$6.85millionforPBS’
CollingwoodHQAugust6,2019
NBLownerLarryKestelmanplansrevamp
ofHobart’sDerwentEntertainmentCentre
andWilkinsonsPointAugust7,2019
IndustrialdealsvalueLogisEstateland30
percenthigherthantherestofDandenong
SouthAugust7,2019
GuardianAitpays$6.96millionfor
CrestmeadindustrialinvestmentAugust7,
2019
NineEntertainmentexpandsspace
requirementatNorthSydneyto25,000
sqmAugust6,2019
SmallSouthYarrasitezonedforbig
buildingsellsfor$456,000August6,2019
PropertyportfoliooficonicTasmanian
retailer,Coogans,soldforover$13million
August6,2019
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Thetopthree�oorsoftheproposedPrahranbuildingwillbecon�guredaspenthouses.
StKildaRoadisabout500metresfromtheaddress.
“Thestrongsalesresultcon�rmsthesurgingdemandfromowneroccupiersforbrandnew,high
qualityo�ceopportunitieswithintheCityofStonningtoninparticular,andacrossMelbournemore
widely,”MrFavassaid.
“Thesegroupshavebeenstarvedofqualitypurchasingopportunitiesforanumberofyearswhich
hasresultedinoverwhelmingdemandfromlocaltenantsandowneroccupiersalike.”
MrLefkossaidconstructionofthe$40millionUkiyodevelopmentwouldcommenceshortly“withall
ofthecommercialcomponentpre-soldandallbutthreeofthehigh-endresidentialapartments
havingalsosoldsincethelaunchinFebruary,despitedi�cultmarketconditions”.
Ukiyowillrise10storeysandinclude12halfandfull�oorapartmentscon�guredwithbetweentwo
andfourbedrooms.Thetopthree�oorsofthebuildingwillbecon�guredaspenthouses.The
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groundlevelwillcontainretail.
TheresidentialcomponentofUkiyoisbrandedbyasideaddress–2PorterStreet,Prahran.
Artist’simpressionoftheviewfromabalconyofaUkiyoapartment.
“WehavehadanoverwhelmingpositiveresponsetoUkiyofromtheowneroccupiermarket,”which
is“attractedtoquality,designandtheunrivalledlifestyleamenityandconnectivitythatPrahranhas
too�er.
“Weexpectthistrendtocontinuefortheforeseeablefutureandiswellsuitedtoourbusiness
model”.
Theleasingcampaigngeneratedinterestfromotherowneroccupiers,andinvestors,MrRomanin
said,with“severalo�ersbeingsubmittedforentire�oors”.
TalkingPropertywithMarcPallisco–
Episode5July31,2019
TalkingPropertywithMarcPallisco–
Episode4July24,2019
TalkingPropertywithMarcPallisco–
Episode3July31,2019
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Animageusedtomarketthe12apartmentswhichformpartofthe
Ukiyocomplexat101HighStreet,Prahran.
“FuelledbyVictoria’sstrongpopulationgrowthandinturnemploymentgrowth,thedeclineinthe
CBDvacancyhasledtoaleapinenquiryfromowneroccupiers/tenantsseekingpremiumo�ce
spaceinfringeareassuchasPrahran”.
MrRomaninsaidtheagencyisworkingwithtenantsseekingmorethan30,000sqmofo�ce
opportunityinthearea.
“Thisunprecedenteddemandwillcontinuetosupportfuturecommercialdevelopmentthroughout
metropolitanMelbourneandmorespeci�callyinthecity-fringe,”MrBainessaid.
“Thisstrongdemandforstratao�ce
assetshasresultedinasigni�cant14%
increaseincapitalratesforstratao�ce
inthecity-fringein2019.
“Thetransformationofthe
developmentclimatefromaheavily
weightedtowardresidentialhasshifted
withanumberofdevelopersaltering
theirpermitstoeithermixedusewitha
largecomponentofo�ceorfull
commercialdevelopments.”
ColliersInternationalsaidthatfollowingthesaleof101HighStreet,Prahran,some$46.28millionof
stratao�cestockhastradedinMelbourne’scityfringethisyear.
“Thismeansweareontracktoeclipsethe$50.16millionofstratao�cetransacted[inthecityfringe]
lastyear,”MrFavassaid.
Lastyearwereportedthato�cesupplyintheneighbouringsuburbofSouthYarrawassettonearly
doubletoabout185,000sqmby2023.
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SellingHousesAustraliatotacklehistoricDrysdalehomesteadandequestrian
trainingfacility
MelbourneBusinessSchoolproposes12-levelCarltoncampus
NicDeLucasells
BunningsLawntonfor
FilmmakerMaggieFooke
lists12-bedroomFitzroy
Coleslistshigh-pro�le
Gardenvaledevelopment
MarcPallisco
Afreelancepropertywriterandanalyst,Marcisaco-founderof
realestatesource.com.au.
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