SYDNEY-based developer Stockland says it is “assessing its options”, after the Victorian Civil and Administrative Tribunal rejected one of the few residential projects that was still active on the developers Melbourne’s books, since the economic downturn.
 
Stockland had planned to build a 35-level, 377-unit apartment tower and commercial building on its 2 – 4 Yarra Street site, which it bought off local private developer Michael Yates last year for $26.25 million.
 
VCAT upheld the City of Stonnington’s decision to refuse a permit based on height, saying the 113 metre proposal breached a recently introduced 38-metre height limit for the precinct known as Forrest Hill, between the South Yarra train station, Yarra River, Chapel Street and Toorak Road.

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