ApartmentsClare BurnettFri 14 Aug 26
Billionaire Choi Family Plans 12-Storey Preston Apartment Tower
A developer associated with the children on a so-called ‘King of Toys’ billionaire has revealed plans for a 12-storey residential block in a transitioning Melbourne neighbourhood.
Nikko Development has filed plans to redevelop a former warehouse site at 2-6 Isaacs Street, Preston, 10km north-east of the Melbourne CBD.
The 1420sq m ‘island’ site, with Peter Street to the west and Isaacs Street to the south and bordered by laneways, is surrounded by warehouses and retail.
The development company is associated in ASIC documents with Patrick Wong Chun Hei, as well as Crystal Choi Ya Kee and Karson Choi Ka Tsan, two of the three children of Hong Kong “King of Toys” billionaire Francis Choi.
The Choi family have considerable interests in Australian property. Francis Choi, who founded Early Light Hong Kong, and who Forbes reported has an estimated worth of US$7.9 billion, made his fortune in toys but has since been trading office towers in Sydney’s North Shore and sold 1 Castlereagh Street in the Sydney CBD.
According to plans by Ratio Consultants, the Preston scheme would comprise 130 homes—21 studio, 16 one-bedroom, 33 one-bedroom with study, 56 two-bedroom and four three-bedroom apartments.
Of these, 15 per cent would be affordable.
Designed by Terry Harper Architects, the plans also include 51 car parking spaces and three publicly accessible car-share spaces, and a three-storey podium.
The three-level basement would include a 30,000L inground rainwater tank, while the ground floor would have a 187sq m commercial space.
There would be a 542sq m communal terrace with vegetable gardens, as well as a laundry and “multi-purpose” space with a kitchenette and BBQ areas on the rooftop.
Nikko’s site is in the Preston High Street Activity Centre, which is undergoing a shift towards more intensive land use, particularly around the recently upgraded Bell train station.
The developer initially progressed the project through the Darebin City Council pathway, but following ongoing discussions with the Department of Transport and Planning, it withdrew from the council process and submitted the project through the Development Facilitation Program.
There is an existing approval by the council on the site for a 10-storey development.
However, the current proposal improves the building design and architectural treatment, according to design reports, with amended massing and additional height.
