Melbourne developer buys apartment site for $5.7 million

Developer Beulah International has purchased a residential development site in Melbourne's Ivanhoe for $5.7 million.

Located at 47-49 Norman Street, the 1,653 sqm site comes with approval for 43 apartments, which are being reworked to create bigger and more spacious apartments.

The site is close to private schools, Ivanhoe Railway Station and retail.

The company is in talks with Tier 1 designers to deliver a luxury boutique development with good architecture, said Beulah International executive director Adelene Teh.

“Our recent project Gardenhill has been a great success, and we look forward to delivering more functional and beautifully designed living spaces to the Melbourne marketplace,” said Adelene.

Construction at Gardenhill, in Doncaster, has commenced with the developer claiming on its website that 70% sold in the first three months. Apartments start from $380,000 at Gardenhill.

Beulah International has also emerged as one of the seven frontrunners to secure the highly publicised Telstra development site opposite Carlton Gardens, alongside other leading developers Greenland and Salta Properties.

The Telstra site could potentially be their second “super tower”, after pioneering Australia 108 with its partners.