Melbourne nightclub, hostel tipped to go for 300-apartment tower
A 300-apartment ‘supersite’ has hit the market in Melbourne, worth an estimated $200 million.
Former butcher-turned-property investor Joe Catalfamo has listed the impressive City Rd South site, with a permit for a 38-storey residential tower housing up to 307 units.
The 1621sqm site offers the opportunity for remarkable views of the bay, CBD and Yarra River, along with ground floor retail.
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The property is currently leased to the Urban Central Backpackers Hostel and XE54 nightclub, providing short-term income.
The proposal comes amid booming population projections for the precinct and greater Melbourne.
Southbank’s community of 18,700 residents is tipped to grow 7.6% over the next five years, according to CBRE research.
The trend will continue at 5.3% until to 2027, with the population to exceed 50,000 by 2036.
The figures show the Southbank apartment project has indomitable potential, according top CBRE national director Mark Wizel.
“Melbourne needs to rapidly increase housing supply to meet strong population growth projections while the even stronger projections for Southbank are going to see competition for scarce development opportunities also drive significant increases in land values,” Wizel says.
“Southbank has witnessed perhaps the most robust growth of any city fringe market in recent years and that scenario looks set to continue to play out while alternatives like Fishermans Bend face continued delays.”
The proposed tower is located within close proximity of the popular Crown Entertainment Complex.
Residents and their families will also be within walking distance of the Southbank restaurant and bar strip, Albert Park Lake and golf course, the Melbourne Exhibition Centre and South Melbourne Market.
Joe Catalfamo is the director of the Australian Meat Group.
