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Mark Baljak's picture
#52

RICHMOND + CREMORNE | 3121 | Projects

RICHMOND + CREMORNE | 3121 | Projects

Forza Capital plans $80 million development in inner-city Melbourne
NICK LENAGHAN
Forza Capital is cranking up plans for an $80 million residential development in inner-city Melbourne, after putting together a boutique syndicate to acquire a Richmond site.

The Melbourne-based syndicator, led by Adam Murchie and Ashley Wain, have put their foot on a 2325-square-metre site at 9-15 David Street in Richmond.

The income-producing property, with existing tenants on short-term leases, was acquired for $5.875 million in a deal brokered by Teska Carson’s Michael Ludski earlier this year.

The development-driven acquisition represents a move up the risk curve for the group of 20 rich investors assembled to back the investment.

Previous Forza investments – in ­Melbourne a and Brisbane – have been income-producing assets with a ­component of redevelopment potential. With the Richmond deal, the opportunity element is more to the fore.

“We’ve been looking for a site like this ever since we set the Forza business [in 2010],” Mr Murchie said.

He said investor sentiment was now looking for higher returns and was willing to take on more risk.

“Whilst the majority of property investment capital is focused on income-producing passive investments, there is a small but growing appetite from investors focused on higher returns through repositioning and value adding.”

Forza will lodge a Peddle Thorp Architects design for an 11-level, 139-apartment project for approval shortly.

If approved, the project represents an acquisition price per unit of around $40,000, well below the premium paid for projects with approval in place.

Ashley Wain acknowledges the project is not without risk. Therein lies the return for opportunity investors.

“It’s about managing that process,” he said. As one example, Forza have been able to move an easement through the middle of property to one side, making it more viable for development.

On development, the units will sell for about $8500 per sq m. The proposed building tapers back toward the Yarra River nearby, creating a clutch of three-bedroom apartments with large landscaped terraces, as well as one- and two-bedroom units.

After winning planning approval for the project, investors will then decide whether to press ahead with development or look to take returns early.

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Peter Maltezos's picture
#53

^^ The good: large 3 bedroom apartments

The bad: Mediocre design.frown

I collect, therefore I am. thecollectormm.com.au

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Mark Baljak's picture
#54

NCP pic - looks like epworth richmond

RICHMOND + CREMORNE | 3121 | Projects

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Mark Baljak's picture
#55

richmond icon

RICHMOND + CREMORNE | 3121 | Projects

RICHMOND + CREMORNE | 3121 | Projects

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melbourne's picture
#56

Looking good

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Mark Baljak's picture
#57

RICHMOND + CREMORNE | 3121 | ProjectsRICHMOND + CREMORNE | 3121 | Projects

Kane Constructions has been appointed to deliver the $135 million Stage 4 of the Epworth Richmond redevelopment.

The redevelopment has been designed to respond to patient, doctor and staff expectations and to meet the needs of the 21st century, which sets a new standard in health facilities and patient care. The redevelopment will maximise the opportunities presented by advancements in technology, communications and equipment.

Stage 4, also referred to as ‘Pod East’, will comprise the following services within a new 16 level building including five basement levels:

- 34 cubicle Emergency Department (Stage 1)

- 26 bed Intensive Care Unit

- Cardiac Intensive Care Unit & Inpatient Unit

- Consulting Suites

- 119 Acute Inpatient Rooms with Ensuites

- 6 Operating Theatres

- Additional Car Parking

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Mark Baljak's picture
#58

252-256 Bridge Road, Richmond

RICHMOND + CREMORNE | 3121 | Projects

RICHMOND + CREMORNE | 3121 | Projects

RICHMOND + CREMORNE | 3121 | Projects

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Mark Baljak's picture
#59

about time some decent stone was used on a development - a lost material in recent years? Travetine white stone

375 punt rd
RICHMOND + CREMORNE | 3121 | Projects

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Mark Baljak's picture
#60

306-312 swan street

RICHMOND + CREMORNE | 3121 | Projects

RICHMOND + CREMORNE | 3121 | Projects

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Bilby's picture
#61

306-312 Swan Street - who are the architects on this project? The rear elevation is utterly useless in terms of street level activation. Or is this designed to be a street art wall, perhaps? If so, can we have some red brick, perhaps?

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Mark Baljak's picture
#62

^^ Point Architects. Don't think its designed to be, but will be in due course I guess

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Mark Baljak's picture
#63

richmond icon
RICHMOND + CREMORNE | 3121 | Projects

RICHMOND + CREMORNE | 3121 | Projects

381 cremorne
RICHMOND + CREMORNE | 3121 | Projects

epworth pod
RICHMOND + CREMORNE | 3121 | Projects

RICHMOND + CREMORNE | 3121 | Projects

RICHMOND + CREMORNE | 3121 | Projects

bosisto on bridge
RICHMOND + CREMORNE | 3121 | Projects

RICHMOND + CREMORNE | 3121 | Projects

RICHMOND + CREMORNE | 3121 | Projects

the hub
RICHMOND + CREMORNE | 3121 | Projects

RICHMOND + CREMORNE | 3121 | Projects

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Mark Baljak's picture
#64

smell that maccas all day and night.......

619 bridge road

RICHMOND + CREMORNE | 3121 | Projects

RICHMOND + CREMORNE | 3121 | Projects

RICHMOND + CREMORNE | 3121 | Projects

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drunkill's picture
#65

And loud drunks at 2am.

Looks like a bit of a concrete monstrosity, this will depend on the finishes.

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Paul_D's picture
#66

They are putting in quite authentic looking columns and awnings today along Swan Street @ Icon. It's quite impressive that they've gone to this much trouble. I have found the majority of the detail in restoration quite impressive. The apartments with arched windows along Swan look great from street level.
A pic I took earlier.

RICHMOND + CREMORNE | 3121 | Projects

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Bilby's picture
#67

Either that, or incredibly lazy to have ripped out the original cast iron awing posts and replaced them with modern squared off repro versions.
http://melhyak.web.fc2.com/suburb/suburbthree/cremorne/13/dimmeys2013/di...

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Aussie Steve's picture
#68

Those posts were a 1980s/1990s addition when the building was extended westwards along Swan Street.

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Mark Baljak's picture
#69

Richmond silos up for sale
A trophy Melbourne property – which could also be a redevelopment headache – is about to be listed for public sale after "being quietly on the market for years" according to agency sources that did not get the listing.
The Richmond silos site – bound by the Monash Freeway, Cremorne and Gough streets, and stretching almost to Punt Road – is expected to sell for about $23 million and make way for a high-density residential village worth more than $200 million.
In 2012, Planning Minister Matthew Guy announced on 3AW a major mixed-use redevelopment of the block, which was not discussed again and never eventuated.
Plans included branding the site Richmond Malt, demolishing the 12-level silos and lifting the Nylex sign to the top of one of two 20-level apartment buildings.
Instead, the block will be marketed as a blank canvas, the vendor appointing Colliers International's Jeremy Gruzewski and Peter Bremner to manage an expressions of interest campaign closing before Christmas.

Read more: http://www.smh.com.au/business/property/freemasons-make-a-lucrative-litt...

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Mark Baljak's picture
#70

Apartment tower pinned for Bridge Road

A father and son development team have lodged plans for a nine storey Richmond Hill apartment tower to replace the equivalent of four stores on Bridge Road's shopping strip.
Inner-city Bridge Road used to be a favourite haunt of bargain hunters scouring factory outlet stores, but in recent years shoppers have been lured away by purpose-built direct factory outlets and an influx of international retailers in Melbourne's CBD.
The strip's vitality has faded as it struggles with vacancy rates among the highest in the state. But developers have been undeterred, eyeing opportunities to revitalise key sites drawn by Richmond's high property values and proximity to the city, MCG and public transport.
"We see it as a transitionary phase Bridge Road is going through," said Saul Davidoff who runs Citiplan Property with Sid Davidoff, his father and the company's founder.
The strip was evolving into a fashion, service-based precinct, he said.
The group has submitted plans to Yarra Council for a 63 unit development at 183-189 Bridge Road that will have 46 two bedroom and 17 one bedroom apartments.

Read more: http://www.smh.com.au/business/apartment-tower-pinned-for-bridge-road-20...

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melbourne's picture
#71

RICHMOND + CREMORNE | 3121 | Projects

Icon:
RICHMOND + CREMORNE | 3121 | Projects
RICHMOND + CREMORNE | 3121 | Projects
RICHMOND + CREMORNE | 3121 | Projects
RICHMOND + CREMORNE | 3121 | Projects

381 Cremorne:
RICHMOND + CREMORNE | 3121 | Projects

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Mark Baljak's picture
#72

8-10 new street, richmond

RICHMOND + CREMORNE | 3121 | Projects

RICHMOND + CREMORNE | 3121 | Projects

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Bilby's picture
#73

What's going on with that reconstructed Dimmeys red brick wall? The brick arches look like they're only one brick thick! The original arches were at least triple brick - this looks like some dodgy '80s mock up in suburbia.

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Nicholas Harrison's picture
#74

There was just a big blank brick wall along there before it was redeveloped. The origional orched windows are on the other side of the building.

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Mark Baljak's picture
#75

Tycoons return in $1bn capital city spree

TYCOONS have forged back into the property market with purchases and development plans involving more than $1 billion of projects unveiled in capital cities as the year closes.

In Melbourne, the Richmond Malt, home to the city’s historic Nylex clock, has been snapped up by local developer Caydon for about $38 million and is set for major revamp.

Caydon, owned by Joe Russo, will work with Heritage Victoria on a mixed-use development expected to be worth $600m.

The deal, brokered by Colliers International’s Jeremy Gruzewski and Peter Bremner, saw the Richmond Malt sold by Richard Mizgala of Power Investments.

The Nylex sign, immortalised in Paul Kelly’s 1987 song Leaps and Bounds, will be a focal point of the new plans.

Mr Gruzewski said the sales campaign was highly competitive with national and overseas interest. “It was the local buyers, however, who understood the complexities of the site and most appreciated the benefits it had to offer,” he said. “The history of the site also had a great deal of significance to the local contingent of purchasers.”

He predicted local buyers, who have been on the back foot in face of a wave of foreign buying, would re-emerge next year.

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Bilby's picture
#76

If you're going to 'replicate' a heritage facade, even if there was a blank wall on that elevation previously, at least do it properly - I still call Doncaster on this shabby mock up of a 'heritage' frontage.

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