The vibrant suburb of South Yarra is buzzing with excitement as developers invest over $5 billion in new projects, comprising mixed-use, residential, retail, and commercial spaces, to cater to the growing demand for contemporary and luxurious living and working spaces in Melbourne.
With this massive injection of investment, the area is set to become even more attractive to residents and businesses alike, thanks to its picturesque streets, high-end shopping, and dining options, and now, with the new development pipeline, the suburb is set to take on a new level of modern luxury.
The South Yarra precinct has long been a popular destination for locals and tourists alike and is renowned for its cultural landmarks such as the Jam Factory and the Royal Botanic Gardens. The suburb is also home to some of the city's most iconic restaurants, cafes, and bars.
According to Oliver Hay, Cushman & Wakefield’s International Director & Co-Head Investment Sales, VIC the investment in South Yarra's development pipeline is a testament to the area's strong economy, vibrant community, and its position as a highly desirable location for investors.
“This investment will bring jobs, new infrastructure, and modern amenities to the area, further strengthening South Yarra's appeal to businesses and residents.
“Some of the most notable upcoming projects include the Capitol Grand South Yarra, a mixed-use development offering premium residences, retail spaces, and commercial offices, and the Yarra One, a residential tower that will be the tallest in the area. These two projects alone will add more than 1,000 new residences to South Yarra and bring a new level of luxury and sophistication to the area, not to mention
VicLand's 10,000 sqm* investment grade office at 11-13 Wilson Street, South Yarra and Saint Germain at 489-505 Toorak Road, Toorak comprising 13,195 sqm* of mixed-use office and luxury retail” he said.
Furthermore, the Jam Factory at 500 Chapel Street is approved for mixed use comprising office and luxury retail with a building height of 38 metre and 181,000 sqm* of total saleable area (NSA) with completion estimated for 2025.
Now, an award winning, globally acclaimed penthouse office with one of South Yarra’s most exclusive rooftops and office space is set to hit the market, offering exclusive office and entertaining attributes that may be repositioned into a luxury residence or private hospitality venue into the future (STCA).
The Penthouse, at Level 1, 529 Chapel Street, South Yarra spans 675sqm* and features an expansive rooftop entertaining terrace, opulent offices, meeting rooms, and communal facilities.
Winner of New York's Best of Year 'Small Office Award,' the Penthouse is located in the thriving South Yarra Commercial Precinct, with a prime corner location providing exclusive views overlooking Chapel Street and sunlight all day through a northerly window aspect.
The Penthouse is fully leased to 'red23,' a leading Victorian land sales and marketing specialist, with additional rental income derived through a rare LED signage lease to 'Maple Media.' The current estimated net income of $235,050 + GST + Outgoings p.a. (as at 28.08.23) offers fixed annual rental increases per annum and the South Yarra Train Station is within walking distance and multiple tram routes are on the front doorstep.
Anthony Kirwan, Cushman & Wakefield’s Associate Director Investment Sales, Victoria said “With over $5 billion in new project development pipeline in the immediate surrounds, the desirability and demand for this location is only increasing.
“The Penthouse offers the perfect investment and forward thinking owner occupier opportunity, allowing the buyer to invest now and occupy later” he said.
Mr Hay believes the investment in South Yarra's development pipeline is a clear indication of the confidence investors have in the suburb's potential as one of Melbourne's premier lifestyle destinations.
“These new developments will not only enhance the area's cultural heritage but also bring a new level of luxury and sophistication to South Yarra, making it an even more attractive location for residents and businesses alike”.
The Penthouse, Level 1, 529 Chapel Street, South Yarra is for sale through Cushman & Wakefield by Public Auction on Tuesday 2 June 2023 at 2:30pm.