Oreana secures South Yarra Square
Oreana Property Group has secured a high-profile commercial site on Toorak Road in South Yarra, with plans to transform it into a new luxury hotel and wellness centre.
Nestled close to South Yarra Train Station, South Yarra Square at 177 Toorak Road spans 1,853 square metres and is well-known for its European-style piazza. Oreana knows the site very well – it once held an office in the precinct, which is just steps from Chapel Street and enjoys strong passing footfall due to its central location.
As reported in the Australian Financial Review, Oreana intends on developing a landmark hotel, offices, a wellness centre, restaurants and retail shops.
The developer has long held the view that the area offers some of the best development potential in Melbourne. South Yarra has enjoyed a development boom in the past 10 years with an influx of new luxury residential and retail changing the face of the suburb. Future redevelopments including new hotels and a redevelopment of the Jam Factory are set to add even more value to the local area.
Design and planning has commenced, with planning applications to be submitted in 2021.
Stay tuned for further information.