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Written by Marc Pallisco
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Monday, 08 March 2010 21:47 |
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 DEVELOPER Hudson Conway is speculated to be paying about $22 million for a prominent St Kilda Road development site opposite Wesley College, capable of accommodating several high rise apartment towers.
Hudson Conway is believed to be in advanced negotiations to buy the St Kilda Road site, which Sydney-based developer Stockland purchased off Vision Australia for $28.3 million in 2007.
Stockland reportedly sold the subdivided Belgian Beer Cafe bluestone building that was part of the Vision Australia property, for a speculated $7 million last year, after undertaking a $2 million renovation.
The area known as the Belgian Beer Cafe’s garden forecourt however, and up to the corner of St Kilda Road and Moubray Street, is earmarked for redevelopment.
Stockland never proceeded marketing apartments on the site given the economic downturn.
Elsewhere in the area, the developer is seeking a permit for a 32-level apartment complex at 2 – 4 Yarra Street, in South Yarra, which it is also expected to sell, as part of a move away from high density apartment developments.
Stockland recently paid $58 million for two housing development sites in Wollert, in Melbourne’s outer north.
A Stockland spokeswoman declined to comment about any St Kilda Road sale when contacted by Capital Gain. Hudson Conway did not return calls. Ernst & Young’s Marcus Willison, understood to also be involved in the transaction, was unavailable.
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