Sterling Global Buys “Alexandra On The Park” For Over $35 Million

A report by The Sydney Morning Herald revealed that Sterling Global bought a famous property in Melbourne, the “Alexandra on the Park,” from the aged care builder John Matthies. The company purchased the supersite for over $35 million and it includes eight adjacent properties that forms a South Yarra bluff. The site is 7904 square meters big, a huge property that took Matthies five years to accumulate. He also spent about $25 million to develop the site. Matthies also acquired older-styled apartments within the supersite, which is situated in a location within South Yarra that have not been zoned for high-rise buildings. The land contains properties in Kensington Road and Alexandra Avenue.

The property acquired by Sterling Global includes South Yarra’s former largest private land holding. It refers to the semi-circle Saint Cloud mansion spanning 1000 square meter at 61 Kensington Road.Matthies originally wanted to create a low-rise facility for 80 wealthy residents. He made the proposal in 2013 and it includes the construction of a 40-seat cinema, golf simulator, wine cellar, hairdresser, and different dining rooms offering the wonderful view of the Yarra River and also the Central Business Area. The plan had the potential of becoming a high-density project, which would have featured a state-of-the-art basement car parking and various 6-storey mid-rise apartment buildings.

CBRE’s Mark Wizel along with other agents like Josh Rutman, Lewis Tong, and Scott Orchard placed the supersite for sale in the market. Alexandra on the Park received strong responses from local and international clients including aged care providers. Eventually, the property was awarded to the Chinese-backed developer, Sterling Global, which has a headquarter in Melbourne’s Rialto towers.

Sterling Global secured an approval for its plan to construct a mixed-use building with 70 floors at 383 LaTrobe Street. The $700 million project, was designed by Jean Nouvel. Its development director Brandon Yeoh said this would be a flagship project for Sterling Global. Meanwhile, in order to proceed with the development, Sterling Global also snapped up the low-rise office of the Australian Federal Police headquarters. The company bought it from Investa Office Fund for $70.7 two years ago.

The Chinese-backed company is the company powering one of South-East Melbourne’s most popular infill sites. It was formerly used as a quarry and it is located on the opposite side of the Huntingdale Gold Course in Oakleigh South. Sterling Global also has another project that is underway, which involves land rezoning, and it is in partnership with the City of Monash council. The area being rezoned has been stagnant for over 20 years and once it is finished, the area would be remediated and redeveloped.

Sterling Global wishes to transform the 1221-1249 Centre Road into a community with 2500 homes. The area will have six-storey buildings, a student accommodation building and serviced apartments in the Oakleigh South. The development of the project is expected to last between five to eight years. Once done, the supersite would have a potential value of at least $600 million.