| Sky is no limit in rooftop unit rise
The Skylofts apartments at 601 Little Collins Street. Work will start on the 81 Skylofts apartments at 601 Little Collins Street within weeks, Tim Gurner, director of developer Urban Inc said. Three of the rooftop apartments were sold with a portion of the title on a 299-year lease because the body corporate owned part of the roof, which once housed an old water boiler. There are few examples of developers using air rights in Melbourne. Last year developer Michael Yates took legal action to protect the river views of his Claremont development in South Yarra after attempting - but failing - to buy the air rights above a neighbouring building. They'll keep the entire structure intact underneath. The Elenberg Fraser-designed, five-storey, $45 million project is unusual because it will rise from the air space above an existing building that is already occupied by multiple owners and tenants. Such long-term leases were rare, but it would effectively act as freehold title as far as the property's value was concerned, In Property valuer Robert Bath said. Urban Inc bought the air rights above the Little Collins Street building two years ago, before obtaining the ground floor, first and second levels of the eight-storey building. |
Monday, 14 May 2012
Sky is no limit in rooftop unit rise
