Drapac Sells Two CBD Development Sites

Interests associated with private investor Clement Lee paid $5.3 million for a 1,194 square metre development site at the northern tip of the CBD this week. It’s expected Mr Lee will build a residential apartment building on the 204 – 210 A’Beckett Street site.

The asset was one of two properties offloaded by Drapac at a packed auction on Wednesday.

A second asset at 229 – 241 Franklin Street, which passed in at auction for $6.4 million, later sold to interests associated with local developer Morry Schwartz for $6.5 million. His company, Pan Urban, is also expected to develop apartments on the 1,498 square metre site. He was not available for comment when contacted by BusinessDay.

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