VINCE Giuliano’s PDG Corporation continues to show confidence in Melbourne’s high-rise apartment market, lodging a development application for a vertical village project in Southbank, which could be part or entirely build-to-rent accommodation.
The application follows an agreement PDG reached with the City of Melbourne in June to create a community-focused development that will incorporate a mix of residences, a boutique hotel, retail and community facilities.
PDG will pay $16.5 million for the former J H Boyd Girl’s School site on 132 Kavanagh St in Southbank.
The island site is part of the Boyd Park, which spans close to 2 acres of newly completed parkland for existing and future residents. This amenity builds on the facility’s current function as a vibrant community hub in one of the most sought-after inner Melbourne suburbs.
The development site will include an additional 1,000 sqm of community facilities and affordable housing.
Giuliano said PDG plans to commence construction next year with a two-year construction program.
“Our vision is to create a vertical village that will be enhanced by the newly created 2-acre park as its main entrance. It will be an energetic collaboration of high-quality residences with community and nature, culminating in the perfect inner-city home – the new Boyd Village.
“We thank City of Melbourne for selecting PDG as preferred developer on this project. We are excited to share and deliver on their strategic vision, which centres around the Southbank community, present and future,” he added.
PDG continues to defy the challenging conditions in Melbourne’s apartment market.
Giuliano said given the interest in the project to date, PDG has not ruled out the project being all or part build-to-rent, following on from the company’s latest build-to-rent project in the Queen Victoria Market precinct.
This follows PDG offloading a a landmark build-to-rent tower with 490 units to Mirvac in June for $333 million.
PDG has also enjoyed success in the commercial property market, in August it secured global Biotech giant CSL to its $750 million development at Parkville.