Beulah secure Prahran site for mixed-use development
The multi-award-winning Melbourne property developer Beulah has secured its next mixed-use development site.
The developer, headed by managing director Jiaheng Chan, has secured a corner site in Prahran, paying $11.4 million for the 1,132 sqm site at 182-194 Commercial Road, opposite the well known Prahran Market.
They have plans to activate the community through a sustainable mixed-use development.
The site, on the corner of Izett Street, comprises six adjoining addresses near the recently completed $60 million Prahran Square project.
On the block is a multi-tenanted 1,087 sqm building with potential for future retail activation.
Read more: Check out Beulah's best Melbourne residential projects
Jiaheng Chan said the team is excited to be able to contribute to the urban streetscape of Prahran as it continues to gentrify and evolve over time.
“Prahran is currently going through an exciting evolution that is seeing a new generation of businesses set up shop, from forward-thinking restaurants and lifestyle-focused hotel chains," Chan said.
“We’re looking forward to offering a product that will add immense value to this inner-city pocket and will complement the renowned Prahran Market via retail, dining and public amenity, coupled with a residential offering not yet explored in this area.
“This site will complement our growing boutique portfolio, which sits alongside the other growing arm of our business and that is large-scale, urban renewal precincts, such as that in Southbank.”
Beulah are developing STH Bnk by Beulah, a mixed-use development on the current BMW showroom site on Southbank's City Road. It will comprise nearly 500 apartments and around 390 hotel rooms, as well as retail and office space.
Beulah also recently announced the imminent release of its newest and most innovative residential project, The Wilds. The development features a collection of 15 carbon-neutral homes designed by leading design firm, Edition Office.
“The global changes experienced in 2020 saw consumers prioritising health, wellbeing and sustainability, which closely informed our approach to The Wilds.
"Similarly, we intend to draw on this research and approach in creating a thoughtful, sustainable and wellness-inspired design for Prahran,” Chan said.