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Garmatt's picture
#127

Absolutely! That hideous resi building next door from the bowels of the 1970's is not going anywhere soon, so it's a great idea (and a gift to the city) that the developers and architects have decided to try and diminish its hideousness in the process of creating their own new development. Love it! Good on them.

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3000's picture
#128

We haven’t seen the south side yet. Here’s hoping they won’t ruin a potentially good tower with a blank wall or something stupid.

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Michael Berquez's picture
#129

Nervous about the south side....other than that, I like it

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melbourne's picture
#130

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

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

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

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

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Michael Berquez's picture
#131

Thank you...not nervous anymore

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3000's picture
#132

Much better than any of the previous designs shown.
Still a big fan of the podium as well.

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Nicholas Harrison's picture
#133

No blank walls this time around:

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

This is a very Melbourne building.

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Garmatt's picture
#134

I hate to say it, but "no bank walls" makes this a very "unmelbourne" building these days.
Still, this one's a winner and goes some way to making a tall building behind the Windsor more acceptable as it is slowly being swamped by skyscrapers anyway....

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Nicholas Harrison's picture
#135

New renderings:

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

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

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Nicholas Harrison's picture
#136

This project is out to tender.

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redden's picture
#137

Good to hear that there's progress. Like 555 Collins, there's a sizeable demo involved.

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Qantas743's picture
#138

Multiplex, Probuild and Hickory tendering for this.

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petken's picture
#139

According to The Australian (Feb 21 2019). Golden Age and Starwood Capital have dumped their apartment plans and have sold the site to Proprium Capital Partners Australia for $114M.

R. Petken

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redden's picture
#140

An update, thanks again to skyhooks, who posted the AFR article on SSC.

Financial Review

Sun sets on Golden Age's Spring Street apartment project
Nick Lenaghan and Su-Lin Tan
Apr 3, 2019 — 12.01am

Backed by deep-pocketed Hong Kong investors, busy fund manager Anton Capital has taken over a prime Spring Street property in the Melbourne CBD for $112 million from Jeff Xu's Golden Age, which had planned a major upmarket apartment and hotel complex on the site.
Instead it is expected that Anton, led by Tony Martin and Anthony Kingsley, and its backers will retain the existing commercial tower at 85 Spring Street, investing into the refurbishment of the vacant building in Melbourne's historically tight leasing market.
Anton deals are typically backed by a number of investors. While they are yet to be disclosed for the Spring Street deal it's thought Hong Kong property company CC Land, which is controlled by property tycoon Cheung Chung-kiu and famed for its acquisition of London's Cheesegrater building, along with CSI Properties are involved. The two Hong Kong investors have invested alongside each other before.
The transaction represents one of the most high-profile deals yet over sites earmarked for residential development which have been left high and dry by the housing slowdown.

The Golden Age project for 85 Spring Street was a 39-level tower with 138 premium apartments.
Developer Jeff Xu's Golden Age bought the site occupied by a 16-storey office tower, from Grocon for $75 million two years ago. Grocon had also failed to make a residential development work.

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Mr Xu's team reworked and relaunched the project as a 39-level tower with 138 premium apartments, alongside a 26-level hotel with 250 rooms fronting Little Collins Street.
Mr Xu then brought on board US investment platform Starwood Capital as a partner to create a hotel management company to operate the $200 million hotel in the Spring Street project.
Golden Age had sold nearly half of the upmarket apartments in the project. Those contracts have all been rescinded and refunds made to the off-the-plan buyers.
The market has been abuzz with talk of the deal since late last year although representatives from both Golden Age and Anton had both previously denied their involvement in a transaction when contacted by The Australian Financial Review.
CBRE agents Mark Wizel, Lewis Tong and Golden Age were engaged by Golden Age to act on its behalf.
Anton and its investors are taking a bet on Melbourne's tight vacancy rate of 3.2 per cent to fill the empty building. A slew of other residential landmarks projects in the city have also swung to office development, such as at 555 Collins Street.
Anton has proven itself to be a busy trader in recent years buying into, leasing up and then selling out of major office towers in Melbourne.
In one recent deal the Sydney fund manager acquired an office tower on Spencer Street, a block up from Flinders Street that had been owned by property magnate Harry Stamoulis for $165 million three years ago before selling it to CBRE Global Investors for $250 million a year later.

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