Melbourne developers Dorman Capital and Wattletree have teamed up to launch the $190 million South Yarra House, designed by SJB.
Located at 55 Claremont Street, the site is one of the last waterfront lots in South Yarra. When completed, the site will include 60 apartments spread over 20 floors. The residences will enjoy views of the Melbourne CBD, the Yarra River and the Royal Botanic Gardens.
Dorman Capital Managing Director Nick Dorman says the site’s potential was identified by the developer before acquiring it in 2018. Despite the adversities attributed to land ownership, the developer was excited about the site’s potential.
“We were initially pursuing a commercial office project which presented challenges due to the land proportions of the site, before Wattletree acquired the adjacent sites and approached us with a joint venture proposal which alleviated these concerns,” Dorman said. .
“We quickly established a solid relationship with Rob and Nick and were impressed with their partnership-oriented style and collaborative, straightforward approach to decision-making.”
Wattletree is run by former Hacer Group co-founder Rob Pitts. Pitts turned his full-time attention to Wattletree in 2021 to focus solely on property development.
“Nick Moylan and I started Wattletree Development because we are both very passionate about real estate and love the development process. Our goal for Wattletree is to develop a reputation for creating and delivering a pipeline of development projects. high-quality, market-leading and innovative real estate development,” said Pitts.
SJB’s design is inspired by the stark features of New York’s art deco built environment. Hecker Guthrie is responsible for designing the interiors of the project.
Dorman Capital’s pipeline currently includes the $500 million Mernda Town Center, while Wattletree’s first four developments include three commercial projects in Hawthorn, the most notable being Xero’s new headquarters on Burwood Road.
South Yarra House received development approval earlier this year, with sales expected to begin in October 2022. For more information visit www.southyarrahouse.com.