Melbourne Square developer puts its stamp on Southbank with new purchase
By Brendan Rees
The developer behind the Melbourne Square mixed-use precinct has picked up a key site on City Rd in a reported sale worth more than $27 million.
The site of 190 City Rd was sold to Malaysian developer OSK Property in a $27.25 million deal settled in November, according to The Urban Developer.
OSK Property’s development director Andrew Hutchinson confirmed the acquisition of the 1597 square metre site, saying it was an exciting time for the company.
“For us, we just want to play our part in contributing to the positivity and liveability of Southbank moving forward,” he told Southbank News.
“I think we can do that and now we have a site that will really enable us to do something special in the future.”
We certainly feel very fortunate to secure another big site. We’re very confident and positive about the future of Southbank.
In terms of what plans it had installed for the new site, Mr Hutchinson said it was too early to say but added, “It’s exciting for us moving forward with a view of doing something probably in the medium term”.
“We are very focused and committed to our Melbourne Square project right now and that’s still got a bit of a way to go,” he said.
A proposed development scheme prepared by Rothelowman Architects was part of the sale at 190 City Rd consisting of a 40-storey residential tower and 308 apartments, however, its an application has not been submitted to the City of Melbourne.
Asked whether OSK would take up the scheme, Mr Hutchinson said, “In due course we’ll revisit our options in terms of what is to be done with 190 City Rd. Certainly, for now, we’re happy to add it to our other holding of 87-127 Queensbridge St”.
“To be on the doorstep of the CBD, and the Arts Precinct and the convention precinct, to the great connectivity to all parts of Melbourne, we feel very fortunate to have the site for our medium-term plans.”
Mr Hutchinson also praised the City of Melbourne for the work it had so far achieved in the area, and “certainly have plans that we think are very positive moving forward such as the activation of the Kingsway Undercroft”.
The council’s City Rd Master Plan features a concept for a new Boyd Park at the Kings Way under croft, which is currently being developed.
Australian-based investment group Hexa Group bought 190 City Rd for a reported $18.5 million in November 2020.