By Jennifer Duke
Thursday, 27 February 2014
A property in Melbourne’s Docklands has been acquired by Little Projects for $18.5 million from a local private investor, confirmed managing director of Little Projects, Michael Fox.
The 8,800 square metre industrial site at 85 Lorimer Street has the potential to have up to 1,500 apartments built, fitting Little Projects’ style of industrial site redevelopment.
Top-end luxury four-bedroom two-bathroom units on Lorimer Street have been known to sell for over $1,250,000. Next door at 80 Lorimer Street, four-bedroom three-bathroom three car space unit number 2601 (pictured below) is on the market for $1,695,000 in Mirvac’s tower, with two-bedroom offerings around $780,000. The tower has a health club, heated indoor lap pool, spa, sauna, steam room, fully equipped gymnasium and roof top decking.
The current median price for Docklands units sits at $593,063 with the median price for those over $750,000 being $1,045,000.
It remains to be seen what Little Projects will pull out of the bag for this site, but if their previous offerings are anything to go by, such as ILK at South Yarra (pictured below), it is likely that the development will have luxury top-end appeal with an emphasis on amenity.
“Little Projects focuses on providing high quality lifestyle developments on Melbourne’s inner city fringe and this site offers us the opportunity to create something unique for Melbourne,” said Fox.
They have begun the planning process for this new site, with plans to be revealed at an as-yet unspecified date.
“We look forward to working with the Minister’s office and the new Metropolitan Planning Authority to realise the Minister’s vision for the urban renewal of the Fishermans Bend precinct,” said Fox.
The site is located closed to the Mad Duck Café and Papillon Day Spa, as well as close to the Yarra River, West Gate Freeway and Point Park.
The sale was completed by Lemon Baxter director, Paul O’Sullivan, who also sold 2-4 Princes Street for $4.8 million to a local investor.
Docklands has been making headlines lately, and the suggestion is currently that the area is finally finding its feet after a difficult conception.
Recently, planning minister Matthew Guy said that a new intersection created for the area – at Collins Street and Bourke Street – would become the new “heart of Melbourne”.