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Grampians's picture
#102

I do not think that we use nearly enough masonary at the lower levels here in melb on contemporary building...esp where there is a needed street level and above (first 4 or 5 floors) to integrate better with existing fabric

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3000's picture
#103

Dump a huge office tower and retail precinct here right above station. Will bring even more life to the area.

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Mark Baljak's picture
#104

The demise of Grocon in Melbourne continues

Grocon passes on the baton on Spring St

Private developer Grocon has found another developer to take over its upmarket residential project on Melbourne's Spring Street into the market, with a deal looming at near $75 million.

In September Grocon, controlled by property scion Daniel Grollo, appointed CBRE's Mark Wizel, Lewis Tong and Josh Rutman to market the site after persistent approaches by local and offshore parties keen to get control of permitted sites in the Melbourne CBD.

The project has approval for about 225 apartments after Grocon trimmed a 44-level proposal to 39 levels and reduced the number of apartments when it was initially refused a permit.

On Wednesday, a Grocon spokesman confirmed a transaction was imminent.

"We are close to concluding a transaction that will see the sale of that project to a Chinese investor," a spokesman said.

Grocon secured the Spring Street site, occupied by a 16-storey office tower, for $45 million three years ago and expects the project will be developed out along the lines of the development approval.

A number of players are thought to have been interested in the site, including China's Fu Wah International Group, which purchased Melbourne's landmark Park Hyatt hotel for about $135 million two years ago.

Read more: http://www.afr.com/real-estate/grocon-passes-on-the-baton-on-spring-st-2...

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petken's picture
#105

How amazing. It was a bad proposal from the start. This is evidenced by the low sales and subsequent offer to unload by Grocon.

But it also raises the question, "If Grocon and Collier's can't make it work, why would the new buyer have more success?"

Maybe the new owner will try to change the design?

R. Petken

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Dean's picture
#106

Grocan can't make it work because they're builders not developers. They're excellent at winning tenders and building big structures for others, on time and on budget but are hopeless at developing land from beginning to end, as seen with their failure on this site and the old CUB site.

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db2's picture
#107

We need to be talking about Grollo/Grocon in the past tense not the present tense. They don't even strike me as builders anymore, Probuild and Multiplex have completely taken over.

They are a shadow of what they used to be. 85 Spring is not a failure for them, more a case of another sell job just like they did at the CUB site.

85 Spring will be just fine like 35 Spring was a success. The location will be enough to get it going, the $75 million sale proves that.

My hope is some sort of design improvement, less bare walls, more glass and class like 35 Spring.

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petken's picture
#108

The location is fantastic but Grocon have a permit for a project they had trouble selling. 35 Spring sold very quickly.

While I am not an expert, I heard that the Feng shui of the site is bad. So it is even more puzzling that a Chinese developer is willing to take it on.

Maybe the buyer has some plan to overcome this.

R. Petken

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3000's picture
#109

Just build an office or hotel and be done with this trainwreck.

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petken's picture
#110

The existing permit forbids a hotel development.

R. Petken

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melbourne's picture
#111

Golden Age takes over as Grocon exits Spring Street

Busy developer Golden Age, led by Jeff Xu, will take on one of central Melbourne's most prominent projects after buying the Spring Street site from Grocon for $75 million.

Mr Xu to rework the internal layout of apartments within the current building envelope and offer new product to the market.

The project at 85 Spring Street has approval for about 225 apartments after Grocon trimmed a 44-level proposal to 39 levels and reduced the number of apartments when it was initially refused a permit.

"It's still early stages but I think we will improve the floor plan and the marketing, which we are good at it," Mr Xu told The Australian Financial Review.

Read more: http://www.afr.com/real-estate/golden-age-takes-over-as-grocon-exits-spr...
Follow us: @FinancialReview on Twitter | financialreview on Facebook

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Dean's picture
#112

"It's still early stages but I think we will improve the floor plan and the marketing, which we are good at it," Mr Xu told The Australian Financial Review.

lol Is that a veiled swipe at Grocon??? They've just been hopeless developers. The failure to get this building out of the ground after an eternity of marketing. The CUB site where they built one small building(pixel) and then sold the rest after it got too hard and another large site in Footscray which they've sat on for years and done nothing with. They should just stick to being builders.

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Mark Baljak's picture
#113

130-140 cranes around town and they can't get one up in their colours. Not sure if they're builders anymore...

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Bilby's picture
#114

They're not bad at demolition, though.

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petken's picture
#115

The press release says. "Mr Xu to rework the internal layout of apartments within the current building envelope and offer new product to the market. "
Is the current building envelope what is there now or the plans they may have a permit for?

R. Petken

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melbourne's picture
#116

39 Levels. 150 Apartments & 5 Star Hotel

CBD | 85 Spring Street | 142m | 39L | Residential

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3000's picture
#117

The podium has my attention.

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pdoff's picture
#118

Last year this had over 100 units sold out of 230. What happens with those sales?

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petken's picture
#119

Interesting. The permit expressly forbids a hotel.

R. Petken

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Melbourne_Fragments's picture
#120

that neo-brutalist podium is interesting and tower references its surroundings better than last proposal, though aesthetically IMO would be better without the extra levels above the 60s tower next door

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Mark Baljak's picture
#121

Jeff Xu's Golden Age commissions art from Bill Henson for Melbourne apartments

Now dumpling king-turned-developer Jeff Xu and artist Bill Henson are putting a contemporary twist on one of the oldest arrangements in the arts, that of the patron and the artist.

Mr Xu's Golden Age has commissioned a series of works from Henson, who has a celebrated reputation for his brooding, moody and, in the view of some, occasionally shocking photographs.

The work will have a permanent home in the lobby of the upmarket apartment tower that Golden Age is developing on Spring Street, in the Melbourne CBD overlooking state parliament.

It won't be his nudes – which have caused controversy from time to time – that grace the lobby of 85 Spring Street, but rather a series of moving pictures, time-based photography that incorporate a sense of changing seasons, weather,and fluctuating light, inspired partly by nearby parkland.

Read more: http://www.afr.com/real-estate/golden-age-adds-artist-bill-henson-to-the...

nice view
CBD | 85 Spring Street | 142m | 39L | Residential

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melbourne's picture
#122

CBD | 85 Spring Street | 142m | 39L | Residential

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3000's picture
#123

This looks alright, I like the way it takes inspiration from its neighbor.

The podium is looking good.

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Laurence Dragomir's picture
#124

I'm not convinced by those first three levels, i think the base looks a bit awkward.

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3000's picture
#125

I like it, it’s set back and something different.

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zenith's picture
#126

It's a winner.

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