Having recently acquired 17-19 Avoca Street, South Yarra, Melbourne developer, Prime Edition, (formerly JCL Prime) now has a $270 million pipeline of high-end residential projects to be brought to market before the end of 2024.
The Avoca Street site (Avoca), which has been dormant for seven years was purchased by Prime Edition for circa $15 million. Expected to launch this month with downsizing purchases in mind, Avoca is being developed in partnership with Pandolfini Architects.
It’s understood the five apartments and one custom home will have an end value of $65 million.
Following the completion of the company’s debut project Arbour Park, Surrey Hills, late in 2023, Eric Loi, director of Prime Edition believes Avoca complements the company’s plans to deliver premium projects in tightly held locations over the next two years.
“There has been a long-standing gap in the inner Melbourne market to meet the demands of discerning owner-occupiers for premium apartments that deliver on size, quality and location,” said Loi.
“Our singular focus is to close this gap with an additional 72 high-end apartments across four prestigious addresses in South Yarra, Toorak, Clifton Hill and Surrey Hills.”
The pipeline
Complementing the acquisition at Avoca, Prime Edition’s pipeline encompasses three other strategically placed sites across Melbourne:
- 2 Bruce St, Toorak: Acquired from AFR Rich Lister Larry Kestleman in 2022 for a record $26 million. The 2500 square meter site was born from the aggregation of multiple blocks two years prior. Developed in collaboration with architect Stephen Jolson, “Como” will launch to market in September 2023 exclusively with Sean Cussell at Christie’s International. The $120 million bespoke project will consist of 17 apartments.
- 410 Toorak Rd, Toorak: The 650 square meter site will be developed in collaboration with Interior designer Hecker Guthrie to deliver four whole-floor, three-bedroom residences. Situated in the heart of Toorak Village 410 Toorak Road is launching in November 2023 with an end value of $23 million.
- 15-33 Queens Parade, Clifton Hill: Located in close proximity to Development Victoria’s Fitzroy Gasworks site, the 1,500 square meter site is expected to include 45 new residences across six levels. Launching in February 2024, Queens Parade will be developed in collaboration with Cera Stribley, with an end value of $60 million.
Building agreement minimises risk
Prime Edition has exclusively engaged Melbourne-based residential builder Henny across all upcoming developments, hence allowing the company [Prime] to minimise risk in the construction development timeline.
“We understand that purchasers need every confidence around delivery and quality craftsmanship, so the partnership with Henny allows us to closely control our supply chains and oversee trades at every detail of a build,” said Loi.
With Avoca and Como commencing construction in September and October 2023 respectively, both projects are expected to be completed in 2025.
Image: A render of the 2 Bruce Street, Toorak development.
