Fridcorp Flips Prominent South Yarra Site for more than $50M

The sale of 627 Chapel Street South Yarra to another local residential developer Goldfields reflects a substantial short-term capital gain for Fridcorp, which bought the site for $40 million in 2015.

The prominent six-level, 5,674sqm building sits on a 1,528sqm island site one lot north of the corner of Chapel Street and Toorak Road, the intersection said to be Melbourne’s most valuable for commercial rents outside of the CBD. The asset is situated within the Forrest Hill precinct, which has seen considerable high-density development in recent years and is located between the Olsen Hotel and LK Property’s Capital Grand development and opposite the Como Centre / Como Hotel, Vogue Plaza and Vogue apartments.