VIC Opportunities
THE PROPERTY DEVELOPMENT REVIEW
PDG, ZAGAME PLANNING CREMORNE’S FIRST BTR TOWER
FOR SALE
Author: Leon Della Bosca The Urban Developer
Zagame Property and PDG have unveiled plans for a 263-apartment build-to-rent tower in Melbourne’s Cremorne, the suburb’s first purpose-built project.
A planning permit application would be lodged through the Victorian Government’s Development Facilitation Program. Construction is targeted to begin in mid-2027, subject to approvals. No capital partner or operator has been appointed, Mahoney said. Funding strategies being explored include fund-through and institutional take-out arrangements. For Zagame Property director Bobby Zagame, the project reflects the partnership’s confidence in the Cremorne market and the long- term outlook for build-to-rent housing. “I have invested in and developed property across Richmond and Cremorne for more than 25 years and firmly believe it is one of Melbourne’s most compelling long-term urban markets,” Zagame said. “This project will allow more people to live within walking distance of employment, transport, entertainment and some of Melbourne’s best food and beverage venues.” The pair previously won approval for Roden and King, a 287-apartment build-to-rent project at 559-577 King Street, West Melbourne. DKO designed that scheme as three buildings of three to six storeys on a 5525sq m site, with an estimated end value of $95 million. Nearby, at 57-71 Stephenson Street, Endor Development is seeking approval for a $203-million mass timber office tower of up to 15 storeys. Edition Office designed that scheme, which the Department of Transport and Planning is assessing under the state’s Significant Economic Development pathway.
Six Degrees Architects designed the 16-storey scheme, which would comprise studio, one and two-bedroom apartments under professional management. Resident amenities would include co-working spaces, wellness and recovery areas and a rooftop terrace. The project has an expected end value of more than $200 million, PDG development director Sebastian Mahoney told The Urban Developer. PDG founder and managing director Vince Giuliano said it was an “exceptionally rare” opportunity in tightly-held Cremorne. “Cremorne has evolved into one of Melbourne’s premier lifestyle and employment destinations, yet there has been very little new housing delivered and virtually no purpose-built rental accommodation designed for long-term residents,” Giuliano said. “With Richmond Station at its doorstep, Swan Street’s hospitality precinct around the corner and thousands of jobs within walking distance, this is one of the most connected and amenity-rich locations in Melbourne.” PDG secured the development opportunity in August this year. VicTrack marketed the 1413sq m parcel, a vacant car park zoned Commercial 1, in 2021 with an SJB-designed eight-storey commercial scheme. Including the Precinct Hotel, the combined landholding is about 2500 square metres. Richmond Station is about 100m from the infill site and trams run right past the building.
Outlines indicative only
For sale via Expressions of Interest closing Thursday, 19 November 2026 at 2pm (AEDT). A GENERATIONAL OPPORTUNITY IN MELBOURNE’S MOST PRESTIGIOUS BIOMEDICAL AND EDUCATION PRECINCT
7,119m²* landholding opposite Royal Park
Within Australia’s leading health, education and biomedical precinct
Heritage significance, scale and future potential
Jozef Dickinson +61 402 678 888 Jozef.Dickinson@colliers.com Ben Baines +61 438 328 407 Ben.Baines@colliers.com
Philip Heberling +61 448 955 275 Philip.Heberling@colliers.com
Zoned General Residential 1
Existing office, function, accommodation and institutional improvements
Melbourne’s ultimate livable suburb
*Approximate
34 – October / November 2026
October / November 2026 – 35
Powered by FlippingBook