Apartment and office developer VIMG has returned to Melbourne’s city fringe for its latest residential project after securing two neighbouring sites in Kensington.
VIMG, which has offices in Sydney, Brisbane and Melbourne, is planning to build a mid-rise apartment project on the corner of Albermarle and Hardiman streets.
The amalgamated 1700sq m Kensington site is currently home to an industrial building and vacant lot after a brick warehouse was demolished as part of a previous permit for the site.
VIMG picked up the 700sq m portion of the site, at 28-32 Albermarle Street, in mid-2021 before consolidating the two sites.
Under plans lodged with the City of Melbourne, VIMG is planning a seven-storey apartment project comprising a mix of commercial and retail ground floor tenancies.
The Plus Architecture-designed development will feature 300sq m of ground floor office space, a 200sq m cafe, and a 300sq m pocket park.
The development will offer 64 apartments in one-, two- and three-bedroom configurations.
It will sit above a single basement level for 68 cars which will feature a vehicle stacker to park cars up to three vehicles high in order to maximise available parking space.
The proposed apartment building will be 200m from the Macaulay Train Station and close to North Melbourne, Flemington Racecourse and the CBD.
While much of VIMG’s Melbourne development projects have been in the outer suburbs, including Box Hill, Glen Iris and Prahan, it has been looking for development opportunities closer to the city—particularly in the inner north and north-west.
Development sites in Kensington, a suburb tipped for further growth with the development of the new Melbourne Metro Arden railway station, have become increasingly rare.
Driving up demand has been an increase in affluent owner-occupiers eyeing high-profile projects close to retail amenity, public transport and within reach of the CBD.
The suburb, once occupied by some of Melbourne’s largest industrial processing facilities, is forecast to accommodate approximately 10,000 residents and 9500 jobs by 2025.
It is currently home to a number of prospective residential development projects.
At 15 Thompson Street, Assemble Communities—which focuses on housing for low- and middle-income households, recently secured approval for a $190-million build-to-rent project comprising 199 dwellings.
Assemble followed up that recent approval with a $30-million purchase of a 7000sq m site at 402 Macaulay Road where it has plans for a further 400 build-to-rent dwellings.
Nearby at 287-313 Macaulay Road a private developer has plans before the council for a similarly scaled 12-storey mixed-use development comprising 130 apartments, office and retail.
Melbourne apartment developer UAG has approved plans for a six-tower project of 424 apartments on a 8800sq m site at 350 Macaulay Road.
Meanwhile, in the neighbouring suburb of North Melbourne, Pace Development Group is preparing to break ground on a 358-apartment project at 87-105 Racecourse Road.
Article Source: www.theurbandeveloper.com
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