Developers vie for 63 Exhibition St, Melbourne apartment tower project

The proposal, known as EAST SIXTY THREE dates from before the introduction of stricter Melbourne CBD planning rules, having been granted with a generous plot ratio of 33:1
Developers vie for 63 Exhibition St, Melbourne apartment tower project
Jonathan ChancellorApril 13, 2021

Developers are reportedly keenly vieing for the 63 Exhibition St, Melbourne apartment project.

The 52 storey proposal dates from before the introduction of stricter Melbourne CBD planning rules, having been granted with a generous plot ratio of 33:1.

The vendor was nominated as the Tarascio family owned Salta Properties.

It was reported in 2015 that Salta had teamed with joint venture partner Malayisa's Asia One to acquire and develop the site having been independently acquired by Asia One for $37.5 million in 2014.

They initially sought approval for a 64-level high-rise apartment and hotel tower, replacing the 6132 sqm floorspace, formerly known as ASF House or Citicorp House, which was constructed in 1969.

The bidding interest in recent weeks has been through JLL which was appointed to broker the sale of the property at the end of last year.

The Financial Review reports bids in the final four have come from parties, including Gurner and also the private developer Goldfields. There is also a foreign developer in the final four.

The 13 storey Melbourne CBD office block on an 894 sqm holding has planning approval for a 52-storey apartment and hotel complex.

JLL marketed it as an "never to be repeated permit approval for a 52 level luxury hotel and residential tower with 225 keys and 42 apartments."

It advised it would appeal as an international benchmark luxury hotel and branded residences opportunity.

The bids sit about $80 million, which was the price guide on its listing last December.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.