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! �NEWS ø RESEARCH ABOUTUS CONTACTUS ADVERTISE

ChapterGroupsellsPrahranstratao�cesto

onebuyerfor$10.5millionġ August5,2019 � MarcPallisco

ChapterGrouphassoldthestratao�cecomponentofamixed-usedevelopmentsettostart

constructioninPrahran.

Asingleowner-occupierispaying$10.5millionforthethree-level,1250squaremetrespace

(outlined,top),partoftheUkiyocomplex,mootedfor101HighStreet.

TheA-gradeo�cewasinitiallygoingtobesolddowninsubdividedportions,beforethepurchaser

camealong.

ColliersInternational’sBenBaines,AndrewRyanandRaphaelFavaswithKnightFrank’sMatt

RomaninandNickBessetrepresentedChapterGroup–adiversi�eddeveloperledbyDeanLefkos.

MrFavassaidthebuyerwasattractedtothebuilding’s“strikingdesignandstrategicpositioning

withinwalkingdistancetohighlydesirableamenityincludingChapelStreetandPrahranstation”.

NicDeLucasellsBunningsLawntonfor

$18.68millionAugust8,2019

FilmmakerMaggieFookelists12-bedroom

FitzroyhometradingasBrooklynArtsHotel

August8,2019

Coleslistshigh-pro�leGardenvale

developmentsiteAugust6,2019

BarStudiopays$6.85millionforPBS’

CollingwoodHQAugust6,2019

NBLownerLarryKestelmanplansrevamp

ofHobart’sDerwentEntertainmentCentre

andWilkinsonsPointAugust7,2019

IndustrialdealsvalueLogisEstateland30

percenthigherthantherestofDandenong

SouthAugust7,2019

GuardianAitpays$6.96millionfor

CrestmeadindustrialinvestmentAugust7,

2019

NineEntertainmentexpandsspace

requirementatNorthSydneyto25,000

sqmAugust6,2019

SmallSouthYarrasitezonedforbig

buildingsellsfor$456,000August6,2019

PropertyportfoliooficonicTasmanian

retailer,Coogans,soldforover$13million

August6,2019

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Thetopthree�oorsoftheproposedPrahranbuildingwillbecon�guredaspenthouses.

StKildaRoadisabout500metresfromtheaddress.

“Thestrongsalesresultcon�rmsthesurgingdemandfromowneroccupiersforbrandnew,high

qualityo�ceopportunitieswithintheCityofStonningtoninparticular,andacrossMelbournemore

widely,”MrFavassaid.

“Thesegroupshavebeenstarvedofqualitypurchasingopportunitiesforanumberofyearswhich

hasresultedinoverwhelmingdemandfromlocaltenantsandowneroccupiersalike.”

MrLefkossaidconstructionofthe$40millionUkiyodevelopmentwouldcommenceshortly“withall

ofthecommercialcomponentpre-soldandallbutthreeofthehigh-endresidentialapartments

havingalsosoldsincethelaunchinFebruary,despitedi�cultmarketconditions”.

Ukiyowillrise10storeysandinclude12halfandfull�oorapartmentscon�guredwithbetweentwo

andfourbedrooms.Thetopthree�oorsofthebuildingwillbecon�guredaspenthouses.The

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groundlevelwillcontainretail.

TheresidentialcomponentofUkiyoisbrandedbyasideaddress–2PorterStreet,Prahran.

Artist’simpressionoftheviewfromabalconyofaUkiyoapartment.

“WehavehadanoverwhelmingpositiveresponsetoUkiyofromtheowneroccupiermarket,”which

is“attractedtoquality,designandtheunrivalledlifestyleamenityandconnectivitythatPrahranhas

too�er.

“Weexpectthistrendtocontinuefortheforeseeablefutureandiswellsuitedtoourbusiness

model”.

Theleasingcampaigngeneratedinterestfromotherowneroccupiers,andinvestors,MrRomanin

said,with“severalo�ersbeingsubmittedforentire�oors”.

TalkingPropertywithMarcPallisco–

Episode5July31,2019

TalkingPropertywithMarcPallisco–

Episode4July24,2019

TalkingPropertywithMarcPallisco–

Episode3July31,2019

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Animageusedtomarketthe12apartmentswhichformpartofthe

Ukiyocomplexat101HighStreet,Prahran.

“FuelledbyVictoria’sstrongpopulationgrowthandinturnemploymentgrowth,thedeclineinthe

CBDvacancyhasledtoaleapinenquiryfromowneroccupiers/tenantsseekingpremiumo�ce

spaceinfringeareassuchasPrahran”.

MrRomaninsaidtheagencyisworkingwithtenantsseekingmorethan30,000sqmofo�ce

opportunityinthearea.

“Thisunprecedenteddemandwillcontinuetosupportfuturecommercialdevelopmentthroughout

metropolitanMelbourneandmorespeci�callyinthecity-fringe,”MrBainessaid.

“Thisstrongdemandforstratao�ce

assetshasresultedinasigni�cant14%

increaseincapitalratesforstratao�ce

inthecity-fringein2019.

“Thetransformationofthe

developmentclimatefromaheavily

weightedtowardresidentialhasshifted

withanumberofdevelopersaltering

theirpermitstoeithermixedusewitha

largecomponentofo�ceorfull

commercialdevelopments.”

ColliersInternationalsaidthatfollowingthesaleof101HighStreet,Prahran,some$46.28millionof

stratao�cestockhastradedinMelbourne’scityfringethisyear.

“Thismeansweareontracktoeclipsethe$50.16millionofstratao�cetransacted[inthecityfringe]

lastyear,”MrFavassaid.

Lastyearwereportedthato�cesupplyintheneighbouringsuburbofSouthYarrawassettonearly

doubletoabout185,000sqmby2023.

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SellingHousesAustraliatotacklehistoricDrysdalehomesteadandequestrian

trainingfacility

MelbourneBusinessSchoolproposes12-levelCarltoncampus

NicDeLucasells

BunningsLawntonfor

FilmmakerMaggieFooke

lists12-bedroomFitzroy

Coleslistshigh-pro�le

Gardenvaledevelopment

MarcPallisco

Afreelancepropertywriterandanalyst,Marcisaco-founderof

realestatesource.com.au.

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