THE BLOCK EYES NEW APPROACH IN PRAHRAN
Posted on 19 October 2013
The producers of hit television show The Block have invested in Melbourne for the second time in two months, this time snapping up a glass 1980s office building near trendy Chapel Street in Prahran.
In a break from the traditional formula of renovating residences, it is anticipated contestants in the Prahran series will create high end commercial shops and possibly offices, which would be sold after being strata-titled.
Sources say Watercress Productions is paying close to the $8.25 million asking price for the property at 121-127 High Street, opposite Swinburne University's Prahran campus.
The three-storey 3540-square-metre building sits on a 1289-square-metre block with open-air car parking and was offered with vacant possession.
It includes valuable ground floor office space, expected to be refitted as retail. Nearby Chapel Street commands the highest retail rents in metropolitan Melbourne.
Upper levels of the building are expected to be refitted as flats or, possibly, townhouse style multi-storey homes. Some office space has been mooted as another possibility.
Given permitted projects in the area, there is scope for Watercress to extend up as it did in former series based at South Melbourne and
Richmond.
A Channel Nine publicist, speaking for Watercress, declined to comment. The building was listed for sale in August - the same month it was revealed that Watercress paid $5.9 million for the historic Dux House
warehouse at 47 O'Grady Street in Albert Park, sold by interests associated with billionaire businessman Lloyd Williams.
A dispute regarding the Albert Park redevelopment threatens to delay that series, sources say, despite contestants being drafted several months ago. These contestants may now be moved to the Prahran project.
In a break from the traditional formula of renovating residences, it is anticipated contestants in the Prahran series will create high end commercial shops and possibly offices, which would be sold after being strata-titled.
Sources say Watercress Productions is paying close to the $8.25 million asking price for the property at 121-127 High Street, opposite Swinburne University's Prahran campus.
The three-storey 3540-square-metre building sits on a 1289-square-metre block with open-air car parking and was offered with vacant possession.
It includes valuable ground floor office space, expected to be refitted as retail. Nearby Chapel Street commands the highest retail rents in metropolitan Melbourne.
Upper levels of the building are expected to be refitted as flats or, possibly, townhouse style multi-storey homes. Some office space has been mooted as another possibility.
Given permitted projects in the area, there is scope for Watercress to extend up as it did in former series based at South Melbourne and
Richmond.
A Channel Nine publicist, speaking for Watercress, declined to comment. The building was listed for sale in August - the same month it was revealed that Watercress paid $5.9 million for the historic Dux House
warehouse at 47 O'Grady Street in Albert Park, sold by interests associated with billionaire businessman Lloyd Williams.
A dispute regarding the Albert Park redevelopment threatens to delay that series, sources say, despite contestants being drafted several months ago. These contestants may now be moved to the Prahran project.