Piccolo acquires prime development site in Melbourne’s highly regarded Kew precinct

14 August 2023

Industry leading boutique property developer, Piccolo is thrilled to announce their successful acquisition of an exceptional development site located at 18 Barry Street, Kew. With a sale value of circa $35 million, this milestone marks a significant achievement for Piccolo. Situated in one of Melbourne’s most sought-after residential precincts, the 8,475 sqm site positioned on A’Beckett Corner promises to offer breathtaking view lines across Yarra Bend Park and Studley Park and showcase the iconic Melbourne CBD skyline.

“We are delighted to announce the acquisition of this highly contested and AAA-rated site,” said Michael Piccolo, Managing Director of Piccolo. “From the very beginning, we saw this incredible property as a perfect fit for Piccolo. Its location, surrounded by the serenity of leafy streets and impressive vistas, combined with its scale, liveability, and character, ticks all the boxes for us. This unique opportunity is a rare gem in the current market, where properties of such caliber are extremely scarce.”

Colliers Director for Development sites Hamish Burgess, who handled the transaction with colleagues Ian Sanders and Justin Hazell said “Development propositions of this stature within one of Melbourne’s most coveted residential locations are rarely offered to the market. Its corner location, potential for stunning view lines, proximity to Kew Junction shopping village, and unique scale provides the perfect foundation for a market-defining project.”

Piccolo’s newly acquired site is currently occupied by a former Residential Aged Care Facility (RACF), comprising a combination of single and two-story buildings. The property offers exciting possibilities for a luxury multi-residential development with exceptional connectivity to high street shopping strips and well-serviced by community facilities, including proximity to major hospitals and robust transport infrastructure.

“At Piccolo, we are driven by the desire to create homes that come with the promise of longevity and also enhance the lives of our residents, and the surrounding community with timeless developments. In addition to finding the right partners, the ability to find the perfect site for every Piccolo home is an important part of achieving this goal. A building should be about more than just the residents who occupy it – if it’s loved by the community, it will remain for generations” said Michael Piccolo.

Piccolo will again reunite with valued long-term partners, architecture practice Woods Bagot and interior designer Hecker Guthrie, to transform the site into luxury residences that complement and enhances the surrounding community.

“We are excited to join hands once more with Woods Bagot to bring to life our vision for this exceptional development site,” said Michael Piccolo. “Their innovative approach to design, combined with our commitment to excellence, will once more result in remarkable living spaces that offer both luxury and functionality.”

This site acquisition follows Piccolo’s sales success with 385 Gore Street, Fitzroy which is currently under construction after selling 70% of the residences in less than 5 months. The project value for the development, A Piccolo House – Barry Street, Kew is expected at circa $180 million.