Diversified developer Omni Property Group is formalising plans to buy the Tip Top Bakery site in Brunswick, for c$11 million.
The 1.25 hectare block, one of the highest-profile assets in failed developer Westpoint’s portfolio, fronts Edward and Weston streets.
It is expected to make way for a residential based project with about 240 units, retail and 355 car parks.
Omni director Brian Amatruda confirmed that once legal issues still tying the property to its former owner were resolved, he will settle.
The property was previously owned by property spruiker Henry Kaye, who paid a speculated $15 million in 2004.
Westpoint’s receiver, KordaMentha, listed the Brunswick property via Knight Frank in April, 2006.
Last October a deal to developer Drapac fell through and the property was offered to underbidders.