Green Light for Melbourne’s Chapel Street Tower

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29 January 2019 | Melbourne, Australia

Melbourne’s CBD fringe office market is set to see the addition of a new tower with development approval granted for an AUD$300 million ($214 million) office tower planned by Melbourne-based developer Goldfields.

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Development of the 24-level office tower has been given the go-ahead by Stonnington Council, in line with the council’s vision for a “mixed-use precinct” as envisioned by the Chapel revision Structure Plan 2013-2031.

The 627 Chapel Street, South Yarra project, designed by COX Architects, will incorporate 24,000 square meters of office space and include ground floor retail.

Goldfields managing director Marco Gattino said the development “heralds a new era for South Yarra” offering prospective tenants “a level of luxury reserved for five-star hotels.”

“Our unique lifestyle approach to 627 Chapel Street will create the best Melbourne CBD fringe office development and workplace offering,” he said.

“627 Chapel Street sets the scene for future-focused business and will attract progressive occupiers with progressive needs.

“The building is self-sustaining, connected, impeccably designed and integrated with personal lifestyle amenities – all key factors that will bring this building, and precinct, to life.”

The development approval marks Goldfields’ first foray into the commercial office sector from residential projects.

Goldfields paid just over AUD$21 million (US$15 million) for a 109-hectare site in Brisbane’s Western corridor, and launched to market the 900-lot master planned community named “Hayfield” early last year.

The developer, with a current project pipeline of more than AUD$700 million (US $500 million), snapped up the Chapel Street site in late 2017 for more than AUD$50 million (US $35 million) from developer Fridcorp.

Fridcorp had failed to progress its plans for a 37-story residential apartment tower on the Chapel Street site.

Fridcorp acquired the 1,510-square-meter site in 2015 for AUD$40 million (US$28.5 million) from Melbourne-based investment house Henkell Brothers.

Plans for construction of 627 Chapel Street will begin mid-2019, with an expected two-year build timeline.

For more on this story, go to The Urban Developer.