Watpac Property purchase strengthens presence in Victoria

Watpac Property’s determination to continue its success in the Victorian market has seen the Company purchase a development site in Melbourne.

The site, located at 18, 20–30 Chatham Street in the popular suburb of Prahran, was purchased by Watpac from the Avery family, who had owned the property for 60 years.

Watpac plans to create a mixed-use development for residential and retail purposes on the 980m2 site.

The purchase comes as Watpac readies itself for construction of the Company’s first Victorian development project, Rue de Chapel, a residential and retail development located on the fashionable Chapel Street, Prahran.

Rue de Chapel features 84 boutique apartments, all of which were sold off-plan, above retail space that boasts an enviable position on Chapel Street.

Greg Kempton, Watpac Managing Director, said the land purchase was a significant milestone for the Company.

“Watpac has undertaken a strategy of growth through expanding our product and geographic diversity, and the purchase of this development site in Melbourne is a key step in reinforcing our Property brand in this market,” Mr Kempton said.

“We see immense value in the Prahran precinct for both residential and retail developments, due to its proximity to public transport options and the cosmopolitan dining and high-end fashion on offer.

“We consider this a very valuable property investment, and we’re looking forward to furthering our success in this market with the Chatham Street development.”

The deal was negotiated between Nick Dempsey, Jones Lang LaSalle Sales and Investments Manager, on behalf of the vendors, and Matthew Bourke, Watpac Property Victoria State Manager.

Mr Dempsey said the site was considered a significant development opportunity.

“The site is ideally situated over four titles in a popular activity centre and is located within the City of Stonnington’s Chapel Vision Structure Plan,” Mr Dempsey said.

“Chatham Street is particularly well positioned, with major retail outlets at the property’s doorstep, and the Prahran Market situated close by, so the Watpac Property site will no doubt prove to be an asset to the Company’s portfolio.”

The property currently has four existing tenants whose leases expire in October 2012, giving Watpac Property ample opportunity to finalise and submit development plans.

Note to editors:
Watpac is an ASX-listed company specialising in construction, civil engineering and mining, specialty services (including refurbishments), and property development. We have offices in Brisbane, Townsville, Sydney, Melbourne, Adelaide, and Perth. More information can be found at www.watpac.com.au.