|Written by Marc Pallisco|
|Thursday, 22 October 2009 07:52|
A Melbourne CBD development site once considered hazardous by the Environment Protection Authority, will make way for a major residential village of more than 2500 apartments.
Hong Kong based developer Far East Consortium International has announced plans to develop the former Lonsdale Street Power Station into a village of four, 40-level apartment towers which will sit above a five story podium, up to 60 retail shops.
To put the development in perspective, the previous chimney stack that was on the site, was reported to be the equivalent of an approximate 37-level tower.
Far East paid $45 million for the power station site last December. It is across the road from a slice of the former Age headquarters, which was recently acquired by Central Equity and will make way for about 840 apartments. Industry Superannuation Property Trust and Axiom retain the balance of the Age site.
The power station site was sold by Russian investment company Soldis Capital, which paid $7.6 million for it in May 2006, before embarking on a massive demolition and remediation reported by the AFR yesterday to be about $17 million.
Under the ownership of Soldis, the site was earmarked to become the office headquarters of Victoria Police, and Telstra - but a pre-commitment never got off the ground.
The City of Melbourne and EPA said in a September 2007 statement that removal of hazardous materials from the site had been removed.