Property developer Prime Edition has purchased what may be the worst house in South Yarra for over $15 million. The property, located on Avoca Street, was once an unfinished shell left behind by the late businessman Adrian Valmorbida and his wife, Kairu Chan. The Valmorbida family is known for introducing Lavazza coffee, Sirena tuna, and La Gina canned tomatoes to Australia.
Prime Edition plans to build luxury apartments and a large home on the 1283-square-metre block. The developer, Director Eric Loi, had prior knowledge of the Avoca Street site as he had previously worked for architect Nonda Katsalidis, who designed Valmorbida’s home project.
The new project, named “Avoca,” will feature five luxury apartments and a three-storey home. The development is valued at $65 million and will be constructed by Melbourne-based company Henny, with design by Pandolfini Architects. Loi stated that they will incorporate some of the existing construction work into the new development.
The updated project is expected to be completed by the end of 2024 after obtaining council approval for adjustments. Despite concerns about rising interest rates and building prices, Loi is confident that the development will sell quickly. He revealed that they have already received interest from potential buyers even before appointing an agent.
The South Yarra project will cater to luxury buyers, with 330-square-metre apartments designed with downsizers in mind. Loi emphasized that the development will be of high-end quality and not cutting any corners. Prime Edition also has plans to launch two apartment developments in Toorak this year.
Source: The Sydney Morning Herald