Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Joel Robinson

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

The long-planned transformation of Brisbane's historic Shafston Estate has taken another major step, with Capella Hotel Group announced as the luxury hospitality partner behind what will become Brisbane's first branded residences.

The project, to be known as Capella Residences Brisbane, is being delivered by Verso Projects at the landmark Kangaroo Point riverfront estate, with completion targeted for 2029.

The announcement follows a series of planning changes to the project over recent years. The site was originally approved in 2023 for a 15-level, 37-apartment development designed by Rothelowman for Burgundy Group before Verso Projects took over the 10,070 sqm riverfront holding and lodged revised plans with Kerry Hill Architects to increase the development to a 25-level tower with 51 apartments.

The latest announcement confirms Capella Hotel Group will bring its branded residential offering to the project, marking just the second Capella Residences development globally after Seoul, and the group's first branded residential project in Australia.

The <a href="https://www.apartments.com.au/new-apartments/23-castlebar-street-kangaroo-point-qld-4169">Castlebar Street development</a> will centre around the restoration of the heritage-listed Shafston House, one of Brisbane's oldest residences, originally constructed in 1851 by Reverend Robert Creyke as a single-storey cottage known as Ravenscott.

<img alt="Capella" data-entity-type="file" data-entity-uuid="2b9f4ce5-638f-4d6b-8082-3ca7e4b75fca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-09%20at%207.20.41%E2%80%AFAM.png?VersionId=f7aeqsW_DzOJI4FymWb3lD8NptSfsP7q" />

Capella said the project aligns with its focus on heritage-led developments, with the Brisbane estate combining the restored historic residence with a new luxury apartment tower and hospitality-inspired resident amenities.

Residents will have access to the Capella Living Room, a concierge-led communal space inspired by the group's luxury hotels, alongside landscaped gardens, six swimming pools, wellness and recreation facilities.

The broader estate will also include two riverfront homes, a six-berth private marina, porte cochère arrival experience, secure basement parking and a new section of public riverwalk along the Brisbane River frontage.

The heritage Postal Depot Building will also be retained and repurposed as a guest house, in line with the revised development plans.

The project represents another evolution for the site, which Kerry Hill Architects previously described as a rare opportunity to restore one of Brisbane's most significant heritage estates while creating a new benchmark for apartment living.

"The Shafston Estate provides a once-in-a-generation opportunity to restore one of Brisbane's finest heritage precincts and to reinstate residential use as a unique site perched on the edge of Kangaroo Point," Kerry Hill Architects said in its Urban Context Report accompanying the planning submission.

"The project will celebrate excellence in sub-tropical residential design, setting a new benchmark for vertical living in Brisbane."

Verso Projects, which now has an $8.5 billion development pipeline spanning more than 6,000 dwellings across apartments, townhouses, retail and commercial projects, said the partnership with Capella would elevate the development beyond a traditional residential project.

"We feel honoured to be restoring Shafston Estate to its former glory, elevating it to new heights of luxury and excellence underpinned by Capella's distinctive service ethos and design philosophy, and making it a standout landmark in Brisbane," Verso Projects CEO Steve Laffey said.

"By partnering with Capella, globally recognised for its refined approach to luxury hospitality and deep respect for cultural and historical context, we will elevate this project beyond a residential offering into a world-class destination."

Capella Hotel Group President Roland Fasel said Brisbane's emergence as a global city made it the right location for the company's Australian residential debut.

"Brisbane is a city on the cusp of something remarkable, and Capella Residences is our commitment to being part of that story," Fasel said.

"The Capella residential experience is more than luxury. It is about a sense of belonging to a place with deep meaning."

Private appointments have now opened for the project, with a display suite expected to open in late 2026 ahead of the planned 2029 completion.

Capella to launch Brisbane's first branded residences at Shafston House, Kangaroo Point

South Yarra

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In the recent property market dip, both the South Yarra house market and unit market were hit hard by the fall.
According to the latest data, the suburb's median house price (pictured below) sits at 1.25 million, dropping from its peak of $1.87 million in 2017. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/16/south%20yarra%201.jpg" alt="">
Its latest median unit price (pictured below) sits at $525,000, which has declined by 15 percent since 2016.  
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/16/south%20yarra%202.jpg" alt="">
However, the median asking rent in South Yarra shows an upward trend within the last 10 years. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/16/south%20yarra%203.jpg" alt="">
As a landlord it is important to check the asking rent trend regularly to ensure you are getting the most value out of your investment.
To learn all you need to know about South Yarra, from median asking rents to household composition, <a href="/developments/south-yarra-vic-3141">click here</a>.
According to Microburbs, South Yarra scores 9/10, known for its convenience and lifestyle. 
 
 
 
 
 
 
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j.ballantyne1990-6AQqhLzZaK

Is it the best time to invest in South Yarra? 

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The winning penthouse from the Block’s 2015 series failed to sell at weekend auction.
<div class="in-content-ad">
<div id="adspot-1x1-pos-5" class="ad" data-google-query-id="CILvvv3U0-QCFdlNKwodWsENcA">
<div id="google_ads_iframe_/31694718/domain.com.au/news/auctions_3__container__">The penthouse apartment at <a href="https://www.domain.com.au/6-1a-affleck-street-south-yarra-vic-3141-2015529113" target="_blank" rel="noopener">6/1a Affleck Street, South Yarra</a> was auctioned by The Agency.</div>
</div>
</div>
<div class="in-content-ad">
<div class="ad"> </div>
<div class="ad">Auctioneer Peter Kakos made a vendor bid of $2.1 million seeking a $50,000 rise, Domain reported.</div>
<div class="ad"> </div>
<div class="ad">The 240 sqm property was listed with $2.3 million to $2.45 million hopes.</div>
<div class="ad"> </div>
<div class="ad">It now has a $2,445,000 price.
</div>
<div class="ad"> </div>
<div class="ad"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/16/Blocktagon%20South%20Yarra.jpg" alt=""></div>
The top-floor apartment was transformed by Dean and Shay Paine who took the top prize and $750,000 cash in 2015. 
It sold for $2.3 million to a regular investor in The Block’s properties. 
The investor sold it in 2018 for $2.365 million.
 
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No sale for Blocktagon, South Yarra penthouse

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A South Yarra, Victoria mortgagee apartment has been sold under the auction hammer for $320,000.
The auction campaign was the second marketing campaign for the property in 2019 with the first being a normal sale campaign rather than an auction campaign. 
Steven Lee and John Pratt of Dixon Kestles marketed the listing in this latest auction campaign.
Situated at <a href="https://www.realestate.com.au/sold/property-apartment-vic-south+yarra-131735070" target="_blank">218/8 Daly Street</a>, the abode comprises one bedroom and one bathroom.
Located in the Lucia building, complex amenities include a swimming pool, an equipped gym and a function room.
The unit was listed as a rental in December 2018 seeking $400 per week.
The property last sold in 2014 for $408,000.
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/Subscriber%20strip%20ad.jpg" alt=""></a>
The median sale price for an apartment in <a href="/developments/south-yarra-vic-3141">South Yarra</a> is $525,000 according to the latest CoreLogic data.
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South Yarra mortgagee apartment sold for $88,000 loss

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Professor Ian Meredith, one of Australia's leading heart surgeons, and wife Joanne, have listed their luxury South Yarra sub-penthouse investment.
They're asking $3.5 million to $3.75 million for their offering at Eight Murphy, designed by Sue Carr and completed in 2016.
The Meredith's amalgamated two apartments after buying them off the plan in 2014.
They created a three bedroom, two bathroom unit which has two balconies with tree top vistas. 
Kay &amp; Burton Armadale agents Michael Armstrong and Julia de Campo have the listing which has been a $2,000 a week rental.
Meredith is the global chief medical officer and executive vice president at Boston Scientific.
He was previously a professor and director of Monash Heart and Monash Health.
This article was first published in the Weekend Australian. 
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South Yarra sub-penthouse listed by heart surgeon Ian Meredith

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Hospitality operators have signed secure leases over two buildings on Chapel Street, South Yarra.
James Lockwood and Jordan Ceppi of Fitzroys brokered the respective leases of 585 Chapel Street (pictured above) and 589 Chapel Street (pictured below). 
Both deals are secure five year deals with additional five year options.
New operator Jumi’s Café will open up at the 50 square metres space at 589 Chapel Street and will pay $55,000 per annum net.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/19/589%20chapel%20st.jpg" alt="">
At 585 Chapel Street, a reputable Chinese hospitality group has leased the 75 square metre space at a similar building rate.
“The tenants were attracted to the prime locations in one of Australia’s most famous shopping and lifestyle precincts,” Ceppi said.
According to Fitzroys’ newly released Walk the Strip, Chapel Street, South Yarra vacancies came down from 18.1% to 15.6% throughout 2018/19.
Fitzroys has also just leased 539 Chapel Street to children’s toys and clothing retailer, Things Adorable for their Melbourne flagship store, and 552 Chapel Street to Melbourne Laser Clinic on a long 10-year deal.
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Two hospitality groups take up Chapel Street, South Yarra leases

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Goldfields’ $300 million, 24-level office tower on Chapel Street in South Yarra has opened its arms to prospective tenants. 
Works have just commenced on the PCA A-Grade tower at 627 Chapel Street.
It has been billed as "South Yarra’s most significant commercial development in generations," set for completion by September 2021.
 Goldfields Chief Operating Officer, Lachlan Thompson said, "a landmark development, it is the largest commercial project to hit South Yarra in decades and will change the landscape of the Melbourne office leasing market, delivering over 24,000 sqm of A-Grade commercial transport and amenity-rich space in a traditionally residential location."
“With an approximate floorplate range of 900 sqm to 1250 sqm, coupled with a building design that easily allows for interconnecting staircases, we’ve had strong interest from larger businesses with two to three-year views on their lease expiries seeking space in the 3000 sqm to 6000 sqm range."
“At the same time, we’re already seeing enquiries from smaller businesses, looking for space in the 900 sqm to 1200 sqm range, who traditionally start searching for their next home about 12 – 15 months from their lease expiry.
“This is due to the fact that current leasing options for these prospective tenants are very limited, and we expect demand from the SME market segment to strengthen even further over the next six months as we get closer to our September 2021 completion date,” he said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/19/Goldfields%20Office%20Tower%202.jpg" alt="">
Adam Spencer-Shirley, Director of Office leasing – Victoria, at Cushman Wakefield, said Goldfields’ decision to speculatively develop the site was not only a vote of confidence in the strength of the Melbourne office leasing market, but also offered genuine certainty for potential tenants.
“With no pre-commitment required to commence construction as a result of the developer’s speculative approach, prospective tenants can have complete confidence that the project will be delivered by the September 2021 deadline,” said Mr. Spencer-Shirley.
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$300 million South Yarra office tower commences construction, seeks lessors

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A single level Daly Street commercial property has been auctioned off in the city fringe suburb of South Yarra.
Previously a car detailing workshop, the Lot 653, 11-17 Daly Street consists of a 47 sqm building area, suitable to a multitude of uses with the potential for an 8-level extension (STCA).
With over 30 attendees, there were three bidders with the successful buyer securing the property for $456,000.
Ryan Milivojac and Charles Cini of CVA auctioned off the property.
 
The building rate is $9,702.13 per metre squared.
Situated just 3.5km* from Melbourne’s central business district, the property benefits from immediate access to public transport with South Yarra Train Station as well as trams running along Toorak Road and Chapel Street.
The site is also within walking distance of major attractions such as the MCG, AAMI Park, Rod Laver Arena, The Jam Factory and the Royal Botanic Gardens.
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South Yarra commercial premises sold for $450,000 at auction

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Things Adorable, an overseas children’s toys and clothing retailer, and Melbourne Laser Clinic have both taken up leases on South Yarra's famous Chapel Street.
Fitzroys Agency Executive James Spencer negotiated the respective leases, at 539 Chapel Street and 552 Chapel Street, South Yarra on behalf of private investors.
Things Adorable will open their Melbourne flagship store at number 539 (pictured below), positioned between fashion labels Seed and Witchery.
The lease they signed was $95,000 per annum net for the 150 sqm space.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/6/11/539.jpg" alt="">
The two-level retail building has undergone a shopfront upgrade and is positioned in a high pedestrian traffic location near Toorak Road, opposite The Colonnade and Zimmermann.
Meanwhile, Melbourne Laser Clinic, which has an existing GP in the CBD, has committed to the 165 sqm space at 552 Chapel Street (pictured below) on a long-term lease of 10 years.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/6/11/552.jpg" alt="">
James Spencer said, "both properties generated interest from fashion retailers, hospitality operators and services operators alike."
Both properties leased by Spencer are located just metres from The Jam Factory, which is set to transform into a major $1.25 billion retail, cinema and office complex.
Projects are also underway at 402 Chapel Street, and 627 Chapel Street.
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Two fresh leases begin on Chapel Street retail offerings

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An architecture-designed South Yarra house with views of Melbourne city has hit the market with a price guide of $2.75 million to $3 million.
It has been offered by Nicholas Brooks and David Volpato from Marshall White, just months after its completion. 
Designed by JAM Architects, the house at <a href="https://www.realestate.com.au/property-house-vic-south+yarra-131114902" target="_blank">1 Peter Street</a> features soaring double height ceiling, white brick feature wall and limed oak floors.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/5/28/south%20yarra%202.jpg" alt="">
It comprises main bedroom with city views from the balcony, two additional double bedrooms, open plan living and dining room with Jetmaster open fire, state of the art kitchen,  sitting room or 4th bedroom, and landscaped forecourt. 
Other highlights include video intercom, under-floor heating, RC/air-conditioning, audio wiring, irrigation, underground water tank and ample storage.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/5/28/south%20yarra%203.jpg" alt="">
It is just a short walk to Fawkner Park, the Botanic Gardens, Toorak Rd, Prahran Market, South Yarra station and a range of schools.
The expressions of interest campaign for the home closes May 30.
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JAM Architects-designed South Yarra home with city views listed 

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Prices are going backwards on South Yarra's Fawkner Street where a new home development site was passed in on a $2.5 million vendor bid last Saturday, having traded for $2.6 million in 2017.
<a href="https://www.realestate.com.au/property-house-vic-south+yarra-130914522" target="_blank">The 1980s three bedroom home</a> on 335 square metres has approvals secured by the Lumiere Group's Greg Adshead and Nathan Foley.
It's for a design by Megowan Architectural and intended to sit in gardens landscaped by Jack Merlo (pictured below).
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/5/31/fawk%201.jpg" alt="">
RT Edgar agent Mark Wridgway was signally $2.4 million to $2.5 million in pre-auction guidance, with a $2.65 million reserve revealed post auction.
Wridgway's lengthy onsite auction spiel mentioned everything except the recent shooting murder in nearby Fawkner Park.
The auction attracted Marshall White agent Marcus Chiminello who has a nearby 518 sqm listing.
It is the investment offering of the Sitch family who have it back for sale with a $4 million to $4.4 million guide, after having sliced off a slither of land for their neighbouring holding, just eight months after they paid $4,571,000 for the home marketed as South Yarra's finest single level Victorian heritage home.
 
 
 
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