The Argo hotel in South Yarra will be transformed into a two-level boutique apartment complex with Pace Development Group at the wheel.
Located at 62-74 Argo Street – with frontages on Hyland Street and Moore Street – the 1,407-square-metre property will comprise 39 one- and two-bedroom apartments, to be known as Argo Apartments.
One-bedroom apartments will range from $389,000 to $469,000.
Two-bedroom apartments will range from $579,000 to $699,000.
Depending on their taste, residents may choose from either a light or dark colour scheme for their interior.
Architects ROTHELOWMAN will combine the existing façade of the building with modern architecture.
The South Yarra building was built circa 1866 and was formerly known as Sheppard’s after Thomas Sheppard, the first licensee.
In 1927, plans were submitted for the rebuilding of Sheppard’s by the interwar architect Gordon J Sutherland, and more work took place circa 1974 – around the same time it was renamed the New Argo Inn. Its facade will be included in the new design.
The New Argo Inn operated as a live music venue and then functioned as a fine dining restaurant.
Argo Street gets its name from the Argo immigrant sailing ship in 1857.
“We really wanted to create a development that was reminiscent of the classic ideals that have made South Yarra so sought after for so long,” says Darly Wilkinson from Pace Development Group.
“An intimate and exclusive development that allows the resident to enjoy the best of the iconic neighbourhood, but we removed from the hustle and bustle,” Wilkinson says.
Pace is understood to have secured the development site for around $5.3 million. It was listed with price expectations of around $6.5 million, according to The Age.
It was owned by investors, including George Saade, a developer and the former owner of Armdale restaurant Giorgios, and David Tamir, whose company paid $3.65 million in 2006 when it bought the site from a syndicate that included members of the Shulkes, Graeve and Blau families.