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.