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Nicholas Harrison's picture
#77

They have appealed the refusal to VCAT

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3000's picture
#78

$20 says they cave and this gets approved.

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Qantas743's picture
#79

It'll be approved with a height chop.

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Laurence Dragomir's picture
#80

Looks like it's already had a height chop in the CBRE ad of about 8 or so levels.

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melbourne's picture
#81

VCAT have given this a permit, https://lodgement.planning-permits.delwp.vic.gov.au/document/publicview/...

Looks like site has been sold too: https://www.realcommercial.com.au/property-land+development-vic-melbourn...

Still says 68 levels, not sure if its been cut down by VCAT or not though.

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melbourne's picture
#82

GreenFort Capital snaps up Melbourne high-rise site for $35m

Alternative real estate investment manager GreenFort Capital has paid about $35 million for an approved high-rise development site close to Melbourne's Queen Victoria Market.

GreenFort Capital was founded recently by Adam Vaggelas, the former head of real estate investment at ASX- listed Blue Sky Alternative Investments and a former senior executive at Morgan Stanley.

He quit Blue Sky in January, where he was instrumental in dev­eloping Blue Sky's student accommodation business after securing a $1.5 billion mandate with Goldman Sachs, to set up GreenFort.

The fund manager has now snapped up 478-488 Elizabeth Street, a 1172 square metre land holding that could make way for a new student accommodation building or a hotel.

Read more: http://www.afr.com/real-estate/commercial/development/greenfort-capital-...
Follow us: @FinancialReview on Twitter | financialreview on Facebook

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Mark Baljak's picture
#83

Odds-on for student accomm? Has just gone to construction tender

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Rohan Storey's picture
#84

So does this mean it'll look the same, but its a bit shorter and inside it'll be be smaller student units instead of apts ? A failing of the system that designs get changed AFTER a permit has been issued, but they're never made public.

Lookingupatbuildings

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Mark Baljak's picture
#85

Guess this will start soon

Fund tied to Pamoja Capital backs Melbourne student high-rise

The Australian arm of Luxembourg-based private equity firm Pamoja Capital, the investment vehicle of Canadian classifieds' billionaire John MacBain, has swooped on a Melbourne development site slated to become one of the world's tallest student housing towers.

The 1172 square metre former Motorcycle City site at 478-488 Elizabeth Street overlooking Queen Victoria Market was snapped up for $35 million in September last year by alternative real estate investment manager GreenFort Capital with a permit in place for 52-storey building with 400 apartments and close to 200 hotel rooms.

Led by Adam Vaggelas, who previously helped establish ASX-listed Blue Sky's student housing business, GreenFort has now on-sold the site to Pamoja's Australian Education (Holdings) Pty Ltd ahead of the anticipated approval of a permit modification allowing 864 student accommodation beds and co-working space over 52 levels.

The Elizabeth Street deal will see GreenFort Capital stay on to assist with development management of the scheme, while taking a healthy profit on the sale.

The price was not disclosed, but local commercial agents said the site was a lot more valuable as student accommodation, given its proximity to a number of universities.

Australian Education Holdings is led by New Zealander Paul Fell and Geneva-based Xavier Giboin. Mr Fell is the Australia and New Zealand director of Pamoja Capital while Mr Giboin is Pamoja's chief financial officer.

Read more: http://www.afr.com/real-estate/residential/vic/fund-tied-to-pamoja-capit...

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George's picture
#86

Motorcycle City has packed up and gone, and I saw surveyors out the front of what used to be Motorcycle City today. Not sure about what's happening with Education Access Australia at 480 Elizabeth St.

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redden's picture
#87

worzil reported today that demolition has begun. The thread title needs an update, with 161m/52L and student.

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Qantas743's picture
#88

This is out to tender, with Icon in the mix.

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redden's picture
#89

Icon have started work on this.

CBD | 478-488 Elizabeth Street Street | 52L | 161m | Mixed Use

CBD | 478-488 Elizabeth Street Street | 52L | 161m | Mixed Use

CBD | 478-488 Elizabeth Street Street | 52L | 161m | Mixed Use[/QUOTE]

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redden's picture
#90

The site has been deserted the last couple of times I've been by. Not sure if the Citipower sub-station is the reason for the delay, but the structure is still standing (on the right of the pic).

CBD | 478-488 Elizabeth Street Street | 52L | 161m | Mixed Use[/QUOTE]

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redden's picture
#91

The dig must be complete, because an excavator was at work today.

CBD | 478-488 Elizabeth Street Street | 52L | 161m | Mixed Use

CBD | 478-488 Elizabeth Street Street | 52L | 161m | Mixed Use[/QUOTE]

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