Currently the site of outdoor furniture retailer Going Going Gone, the property at 601 Victoria Street has a 60 metre frontage to Victoria Street and is 150 metres deep with access to both Grosvenor and Flockhart Streets to the side. In total it measures one hectare.
Sources say the front part of the site, which faces Victoria Street, is expected to be rezoned, paving the way for a retail development, capitalising on the sites access to the Victoria Gardens Shopping Centre across the road.
The site was owned by a group of private investors directed by Ronald Hall, owner of homeware retailer Supply & Demand, Going Going Gone and Going Going Green.
A question mark was raised over who bought the site when the hotly tipped favourite, Salta, confirmed it did not throw its hat in the ring. Salta owns substantial land holdings around the site.
By the end of the week, it was tipped a relatively unknown Asian-based developer had snapped up the site, however this could not be confirmed with Teska Carson selling agent Larry Takis. He declined to comment on any part of the deal when contacted by Capital Gain.