Beulah has acquired six adjoining addresses across Commercial Road and Izett Street in Prahran for an encompassing corner block opposite the Prahran Market.
The $11.4 million acquisition will see the site at 182-194 Commercial Road transformed into a sustainable mixed-use development across 1,132 sqm.
The existing building on site comprises 1,087 sqm of retail space split into multiple tenancies, which Beulah plans to utilise in the development.
Although detailed plans for the site remain to be seen, the purchase implies a strategic shift by Beulah to diversify its property portfolio.
The corner site is in close proximity to a number of amenities such as Pran Central shopping mall, Woolworths, Coles and the recently redeveloped Prahran Square urban parkland on Cato Street.
Beulah Managing Director Jiaheng Chan said the project presents an opportunity to contribute to the continuing gentrification of Prahran.
Nearby on High Street, luxury developer GURNER recently purchased the site of a former gothic church for an 8 storey boutique hotel, Club Maison.
“We’re looking forward to offering a product that will add immense value to this inner-city pocket and will complement the renowned Prahran Market via retail, dining and public amenity coupled with a residential offering not yet explored in this area.
“This site will complement our growing boutique portfolio, which sits alongside the growing arm of our business and that is large-scale, urban renewal precincts, such as that in Southbank.”
Inspiration for the Prahran project has been taken from the changing requirements of city-dwellers post-pandemic.
“The global changes experienced in 2020 saw consumers prioritising health, wellbeing and sustainability, [and] we intend to draw on this… in creating a thoughtful, sustainable and wellness-inspired design for Prahran,” Jiaheng said.
Alongside its STH BNK by Beulah project, the developer is also working on The Wilds, a carbon-neutral development on Merri Creek in Northcote comprising 15 residences.
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