Baracon Retains Southbank Site, Decides to Develop Major Tower

SOUTH Melbourne based developer Baracon has decided to retain a prominent Southbank development site.

Baracon had been expected to make about $12 million from the sale of the 1344 square metre site, which Savills put to the market with a permit for a 41-level apartment tower.

Baracon will now develop the tower it had planned for the site, Wrap, which is speculated to have an end value of more than $100 million.

Wrap complex, 133 -139 City Road, Southbank. But we ran this in April when the site was listed for sale.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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