Cbus Property Makes Striking Entry into St Kilda Road Precinct with $350 Million Residential Development Acquisition

CBUS Property St Kilda Road
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National award-winning integrated property investor and developer, Cbus Property, has announced its strategic acquisition of a prominent 3,036-square-metre residential development site at 437 St Kilda Road, Melbourne. The deal announced in late December 2023 valued at $350 million, signals Cbus Property’s inaugural venture into the St Kilda Road precinct, solidifying its commitment to diversifying its real estate portfolio.

The property was secured from Melbourne-based investment company GLG, with GLG retaining a minor ownership stake in the upcoming development. Currently, the site holds a development application awaiting approval from the Department of Transport and Planning (DTP), featuring a sophisticated design by acclaimed architecture firm Bates Smart. The proposed development is set to comprise 83 residences spread out over 17 levels.

Cbus Property’s Chief Executive Officer, Adrian Pozzo, expressed confidence in the project, stating,

“437 St Kilda Road will emulate the exceptional quality seen in our recently completed 17 Spring St in Melbourne’s CBD. It aims to set a new benchmark, responding to the market’s sustained demand for high-quality residential offerings.”

Pozzo emphasized the site’s premium attributes, including views across Fawkner Park and proximity to key amenities in the CBD, Toorak Road, South Yarra, and Albert Park.

Cbus Property new project on St Kilda Road will overlook Fawkner Park in Melbourne
Cbus Property new project on St Kilda Road will overlook Fawkner Park in Melbourne (Image: City of Melbourne)

Acknowledging the prime location within the St Kilda Road precinct, Pozzo stated,

“We seized the opportunity to deliver another industry-leading residential tower for Melbourne, solidifying our commitment to elevating the city’s urban landscape.”

Planned to include extensive residential amenities such as an indoor pool, gym, residents’ lounge, and private dining room, 437 St Kilda Road marks Cbus Property’s fourth collaboration with Bates Smart. This project adds to Cbus Property’s extensive development portfolio, comprising 24 projects in the greater Melbourne area and contributing to its $4.5 billion development pipeline across Australia. Notably, Cbus Property remains steadfast in its commitment to environmentally sustainable development, targeting a 5 Star Green Star Buildings rating for 437 St Kilda Road, reflecting net-zero carbon operation.

The announcement for Cbus Properties next residential foray comes off the back of their sell out at their 17 Spring Street project in Melbourne’s CBD, which reached practical completion midway through 2023. Bates Smart were also their architects for the design of 17 Spring St, with construction completed by the Hacer Group.

Cbus Property 17 Spring Street Melbourne (Image: Cbus Property)

The sales campaign for 437 St Kilda Road is anticipated to commence in mid-2024, with construction slated to begin in 2025. Cbus Property continues to make significant strides in shaping Australia’s real estate landscape with a diversified and environmentally conscious approach.

Note: The information presented in this article is for general informational purposes only and should not be relied upon as legal, financial, or professional advice. While we make every effort to fact-check and verify the information presented, we cannot guarantee its accuracy or completeness. Readers are encouraged to independently verify any information they find on our website and to consult with relevant professionals before making any decisions based on the information presented. The Australian Development Review does not own the rights to the information included within this article, and furthermore, there is no infringement intended from the included text and images within.

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