Melbourne based property developer Goldfields Group will proceed with its plans for a 24-storey tower on Chapel Street after recently receiving approval from the City of Stonnington.
The $300 million office project with ground floor retail, was submitted by the developer, led by Managing Director Marco Gattino, in June 2018. Situated at 627 Chapel Street, South Yarra, the site was purchased for $50 million from Fridcorp after they were unable to gain approval for their proposed 37-storey apartment building.
Fridcorp previously purchased the building two years prior for $40 million.
At the time of purchase Mr Gattino said, “The mood within the banks is for well located commercial. It is seen as a more desirable asset class than residential. There was no shortage of interest from lenders to jump on board and we looked internationally too.
“We only ever looked at this site as an office development. We never approached it as a residential project.”
Goldfields enlisted COX Architecture to draw the designs for the 24,000sqm glass office building. Mr Gattino has stated that he wants to build the best office building outside of the CBD.”
Quality non-CBD located offices have become highly sought-after commodity, with South Yarra and the Stonnington district looking in good shape to meet this demand. Good public transport access and looked-for amenities add significant value to area.
A spokeswoman for the project commented that there has already been "a number of confidential discussions with interested prospective tenants".
Construction is expected to commence in mid-2019, with a two-year completion time.
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