South Yarra: Prime development site next to Melbourne High School on sale for $52m-plus
A Chapel St site up for sale has been earmarked to be a high-rise residential tower, office building or hotel — if someone is willing to fork out more than $52 million for it.
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A prime South Yarra site that has already had a high-rise development bid rejected is on the market for a second time.
The 2070sq m block at 671 Chapel St, which backs on to Melbourne High School, is up for sale.
The site is home to the head office of online fashion company Ojay, which collapsed in 2012 only to relaunch online in 2014.
A proposed 22-storey tower went through Stonnington Council in 2018, but three objectors led by the school council of Melbourne High School led to it consequently being rejected by VCAT the following year.
Cushman & Wakefield middle markets director Marcus Neill said the site was “one of South Yarra’s last true development sites”.
“It is on a great location on Chapel St, for which you could look at developing it into a high-rise residential tower, office building or hotel,” he said.
“We’ve received strong interest on the site from those three sectors, from a number of domestic and offshore developers.
“The strength of the Melbourne office market means there is a lot of interest for this type of development.”
Mr Neill said the property was being advertised for $52 million-plus.
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In reference to the previous rejected application for the site, Mr Neill said after discussions with planning advisers, a development “could achieve 50m-60m (in height), which would still mean a fairly sizeable building”.
Council spokesman Sean Ross said there were no planning applications for the property.
International expressions of interest close April 1.