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Written by Marc Pallisco
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Monday, 24 May 2010 00:48 |
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 MACQUARIE Capital Investors has been appointed to sell a 50 acre Burwood asset, in Melbourne, acquired by cinema group Reading in the mid 1990s.
The Burwood Square development site, approved by the Whitehorse Council in 2008, is reported to be worth about $46.7 million on Reading's books.
The development proposal provides housing for more than 1000 residents on one part, according to the AFR. A mixed use residential, office and retail complex, and a 17-screen cinema is earmarked for another part.
However it is not uncommon for developers to propose higher density projects on sites they have acquired, which were sold with a permit.
Melbourne's suburbs in general are increasingly becoming higher density as a result of the contentious Melbourne @ 5 Million (previously known as the Melbourne 2030 policy).
Related article:
Reading Cinema Plans to Redevelop Former Moonee Ponds Market After 13 Years
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