Melbourne’s Celtic Club site development forges ahead
Malaysian developer Beulah International is pushing ahead with its luxury apartment tower in the Melbourne CBD, winning $100 million in financing for the project.
A 48-level block is planned for the historic site on Queen St that was sold by the city’s Celtic Club for more than $25 million almost two years ago.
The developer, along with Fajarbaru Builder Group and KHK Group, have secured funds from Malaysia’s Maybank for the Paragon tower, which is set to have a gross development value of $200 million.
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Beulah and Fajarbaru did a previous joint venture for a unit project in Doncaster, in Melbourne’s eastern suburbs. The groups also received private funding and local Australian bank debt for both projects.
About 90% of the 227 apartments in the development have sold already. Construction has started and the building is expected to be finished in the second half of 2020.
The Fender Katsalidis-designed tower will feature an urban forest by landscaper Paul Bangay, complete with tall trees, vertical garden and outdoor seating. One, two and three-bedroom apartments were priced from $500,000 and amenities will include a private dining room, theatre, pool and library. The developer allowed buyers to purchase with a $1 deposit, lending them the balance of a 10% downpayment that was to be repaid two years before settlement.
Celtic Club members will have the opportunity to buy back part of the Queen St site and establish a new club on the ground and first floors.
The site sale was controversial, with the club’s leadership warning of the need for new infrastructure but reports of others facing delays processing their membership applications in the lead-up to a vote on the building’s future.
Beulah is also pressing ahead with a $2 billion Southbank mixed-use development after buying the BMW site for about $100 million last year. The developer is holding an international design competition for the Southbank precinct that will span more than 220,000sqm and include high-end apartments, office space, an entertainment centre, retail, parks, a cultural hub, a BMW dealership and a five-star hotel.
This article originally appeared on www.theaustralian.com.au/property.
