Colliers take over mega Lorimer St development

Market Insights
8 years ago
2 minutes

A substantial development site situated within the South Wharf city fringe precinct with plans and a planning permit for a landmark residential project is about to become available to the market.

Colliers International’s Trent Hobart and Bryson Cameron have been appointed to sell a prized 8,847sqm site at 89 Lorimer Street within the city fringe precinct of South Wharf on behalf of Little Projects’ Paul Little. 

“This development site is of an international scale and has recently been granted with ministerial planning permit approval for a high end dual tower development of 940 apartments, known as South Wharf Towers,” Mr Hobart said. “This campaign is highly anticipated given the scale of the development, ability to stage the project, no-risk planning framework and prime residential location.

“It’s an ideal city fringe residential location just 1km from the CBD, with view lines that span across vast parkland, the Yarra River, Port Phillip Bay and the Melbourne CBD together with the inspiring Elenberg Fraser design that will forever change our city skyline. Melbourne’s next iconic development has finally arrived."

This is a world class development by any measure. Having been designed by the now world renowned Elenberg Fraser architects, the completed dual cylindrical towers will represent the Gateway to Melbourne."

The view lines will be nothing short of spectacular in all directions from the 47 and 49 level towers that will dwarf all projects that Mirvac have successfully completed at Yarra’s edge.”

Mr Cameron said: “The exceptional strength in demand from both on and offshore developers for high profile projects such as South Wharf Towers continues in Melbourne, primarily due to our ongoing population growth, strong residential market fundamentals, offshore investment and growing downsizing owner occupier market.

We have seen existing players and new entrants aggressively lay claim to premium development opportunities, and we strongly expect this to be the case with South Wharf Towers.

Following the government-led planning changes in the City of Melbourne in 2015, there has been a distinct lack of residential sites for sale with only three transactions in the CBD grid in 2015. This site will address that underlying demand for a premium residential development site on the doorstep of the CBD with the bonus here being the de-risked planning and infrastrucre contribution framework and proven residential location, given Mirvac’s success in the area.