Landmark Site in Camberwell’s Activity Centre Hits the Market with Fresh Planning Approval

A major landholding with approval for the second tallest building in the City of Boroondara is coming to market.

A large landholding is hitting the market in Camberwell – one of Melbourne’s most prestigious suburbs, and the campaign is expected to attract interest from prominent developers, both locally and offshore.

The site at 697-699 Burke Road comprises 1,950sqm of land, and is positioned on the cusp of the vibrant Camberwell Junction precinct, home to an array of high end retailers, cafes, and restaurants.

JLL’s Jesse Radisich, Josh Rutman, MingXuan Li and Maddie Pizzey have been appointed to sell the site on behalf of local developer Above Zero who have recently secured the landmark approval through renowned architects Cera Stribley. The site holds a newly obtained permit for a 12-level development, designed by Cera Stribley Architects, featuring ground level retail, six levels of commercial office and seven levels of ‘penthouse style’ apartments above.  The approved project, to be known as Camberwell House, provides very rare development scale in such a premium and tightly held eastern suburbs location.

With over 400 stores and 300 commercial businesses offering a mixture of retail, hospitality and services, Camberwell Activity Centre is a destination precinct. Highlights include The iconic art-deco Rivoli Cinema, voted one of the world’s top 10 cinemas, Camberwell Markets and  Camberwell Place Shopping Centre, with an estimated $18 million refurbishment of the centre recently completed.

Camberwell, which has always been one of Melbourne’s most desirable suburbs, is undergoing a transformation with more luxury apartments being delivered into the tightly held residential suburb. Completed in 2007, the adjoining ‘Aerial’ apartments redefined Camberwell Junction and took the mantle as the tallest building in the City of Boroondara, and delivered a striking, Wood Marsh designed building. With planning approvals notoriously difficult to achieve in the immediate area, particularly for projects of scale, pent up demand from local apartment buyers is being met by limited supply of high quality apartment product.

More recently, the nearby ‘Victoria Hill’ project has just been completed by local developer Time & Place, comprising just 25 residences, and the project has set a new benchmark for off the plan sales rates in Camberwell, including the recent sale of a $15m penthouse apartment. It is anticipated that the development of Camberwell House will continue this trend, given the prime positioning and opportunity for expansive city views.

Director, Capital Markets – Victoria, Mr Radisich said, “It is very difficult to find a site that offers planning approval for a project of such significant scale as Burke Road, but also provides scope for developers to achieve very high sales rates and or rents. The market is starved of such opportunities, and there has already been quite a bit of interest in this site.”

There is currently a 5-level office building and adjoining single level retail building on-site, providing valuable short-term holding income.

Head of Capital Markets – Victoria, Mr Rutman said, “The view lines demonstrated from atop the existing 5-level building alone provide a wonderful inspiration for achievable project view lines from the completed project, which will be enjoyed all the way up to the approved 12 levels.”

“This site is unique in that it offers expansive city skyline views to the west, but also leafy views to the east over Camberwell and Melbourne’s eastern suburbs,” he added.

Expressions-Of-Interest for 679-699 Burke Road, Camberwell close on Tuesday 12 November at 2pm (AEDT).