Emerging local developer Moda Corp, formerly TSW Developments, has snapped up a prime Malvern site amidst plans for a boutique luxury apartment development.
Colliers International’s Ben Baines and Ted Dwyer have sold the 1,350sq m development site at 1271-1273 High Street in Malvern off-market for in excess of $5,000,000.
Moda Corp – run by Adam Wulff and Ed Farquharson in collaboration with David Tarascio of Salta Capital – snapped up the site just eight days after being notified of the opportunity.
The property currently comprises two houses on two titles, on the high profile corner of Spring Road and High Street adjacent to local gardens, amenities and public transport.
Mr Farquharson said the property’s appeal lay in its prime inner east location & direct access to local amenities.
“The site is ideally positioned overlooking the leafy parkland of Malvern Gardens, and it has access to transport, schools and the vibrant High St and Glenferrie Rd shopping precincts,” he said. “The location demands quality. We are very conscious of the aesthetic and feel there is a real desire for a sophisticated, high-end development that respects the amenity of the streetscape and suburb.”
Moda Corp is scheduled to complete another parkside apartment project in Balwyn later this year, and is currently in the town-planning phase of a proposed 4 Star Green Star mixed use project in Queens Parade, Fitzroy North after purchasing the property through Colliers International. The company also purchased a site on Burke Road, Malvern East earlier this year which has been earmarked for larger, luxuriously appointed apartments catering for empty nesters and downsizers.
Mr Baines said residential zoning reforms earmarked for implementation in the new financial year were making sites in this area more attractive to developers.
“The City of Stonnington continues to experience unprecedented levels of demand from both investors and developers looking to capitalise on the high quality location close to amenity,” Mr Baines said.
“Developers in particular are very bullish with well-located properties. There have been few of these sites come to market over the past 24 months, resulting in many developers having a shortage of projects in their pipeline.
“Well-funded local developers such as Moda Corp are able to out-muscle offshore and interstate developers due to their in-depth knowledge of the Melbourne residential market and what eventual apartment buyers require.”