Developer achieves planning approval for $46 million Prahran townhouse site

Melbourne luxury developer Coff Property has achieved planning approval on its $46 million Prahran development, just seven months after plans were submitted for the 2,200sqm, 17-townhouse site. 

The plans, which will add to Coff’s growing pipeline, were submitted in May to the City of Stonnington and officially endorsed in December. Expected to be priced between $2.35 million and $3.2 million, the three-bedroom, three-storey residences were designed by award-winning architect Cera Stribley to embody the craftsmanship, sophistication and timelessness of Italian architectural pioneer Carlo Scarpa. 

The residences will add much-needed stock to the inner south market and will benefit from recent stamp duty changes announced by the Victorian Government, and were designed as an urban retreat with 3m high ceilings, private gardens, open living spaces, private internal elevators and rooftop terraces.

Select residences will have north-facing exposure and city views from third-floor balconies and will be enhanced by private individual elevators from the side-by-side lockable garages. The project is a joint venture with Monark Property Partners, a property development financier backed by one of Australia’s largest family offices, which has created a strong partnership with developers across capital solutions for projects of this type, while building over $1b in distributed capital since origination. 

This project will add to both their equity and debt portfolios. The approval marks a significant milestone for the relatively new player Coff Property, according to Managing Director Adam Coff.

“It’s a big vote of confidence to have these plans approved within just seven months – we’re really excited to hit the ground running on this landmark site next year. Sites of this size don’t come around often so when they do we need to capitalise.

“ The approval is a strong finish to a momentous year for our team, and with further acquisitions and permits across both residential and commercial, we’re really eager to put our stamp on Melbourne’s property market.

“ We currently have $85 million in our pipeline and we’re eager to continue to provide premium housing to alleviate the critical shortage that Melbourne is facing.

“ These Italian-inspired three-bedroom townhomes in Prahran will offer buyers a rare opportunity to get their foot in the door with a premium, high-end product that offers security, privacy and amenity, all within one of Melbourne’s most sought-after postcodes,” he said. 

According to Tract Principal Ben Cooke, the planning approval was a strong result for the City of Stonnington and could only have been achieved with a proposal that celebrated Prahran’s urban fabric.

“ Securing a planning permit within seven months from the date of lodgement is an outstanding result. This is a particularly impressive outcome given the sensitive navigation of Council procedural matters, such as the recent Councillor elections and associated caretaker period.

“ Tract’s established and collaborative relationship with planning officers at the City of Stonnington was integral for the project’s speedy process through preliminary assessment, public advertising and final decision processes.

“ The project team’s attentiveness to detail and nimble decision making assisted greatly to focus Council’s attention on the quality of the architectural proposition,” he said. 

With plans endorsed, the team will now receive its formal planning permit in January before works commence in August. Sales are expected to launch in April 2025.

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