The complex will be developed at the centre of the High Street, Ashburton retail strip, between the Ashburton and Alamein train stations, and near the Glen Iris suburb border.
Elsewhere in Melbourne, an Asian investor recently paid $4.75 million for the former St Kilda Post Office at the corner of St Kilda Road and Inkerman Street. That building s sold with a permit for a 40-room serviced apartment complex.
Melbourne’s highest profile post office redevelopment opened six years ago in the heart of town, when developers converted the Bourke Street GPO into a shopping centre.
That exclusive leasehold sold to Melbourne-based super fund Industry Superannuation Property Trust for about $80 million in 2005. ISPT also owns The Strand Arcade next door.