Bensons picks up Docklands apartment site
Bensons Property Group, which exited voluntary administration and receivership five days ago, has finalised the contract to buy a Docklands apartment site.
Formed by Elias Jreissati, the builder is speculated to be paying just over $20 million for the 4509 square metre tract, 194-204 Lorimer Street, abutting the Bolte Bridge near the Yarra River.
A 26 level tower with 240 dwellings and 208 car parks was recently permitted.
Bensons will finance development of a luxury residential project via two funds now calling on investors.
Ex-government site sold again
Bensons bought 194-204 Lorimer St from Samma Property Group, which paid Development Victoria $22.5m in late 2021.
The seller’s proposal was build-to-rent with ground floor retail and shared amenities on the sixth level including a communal terrace (story continues below).
A 7-star NatHers rating and 5-star Green Star certification was being aimed for after completion in 2026.
The onsale, brokered by Zammit Real Estate’s Mark Zammit after a failed public campaign by a different agency in 2023, comes two months since Bensons entered administration with debts of $813m – some $400m to unsecured creditors.
A deal to repay unsecured creditors 0.14c in the dollar saw it exit on February 20 – the week before the Docklands sales contract was finalised.
“We believe this site represents a high-quality residential development opportunity and we anticipate announcing further details in due course,” Bensons managing director and chief executive officer, Rick Curtis, said of the Lorimer St block.
“We are committed to providing opportunities for our stakeholders and believe Melbourne remains an attractive market, offering affordability that is increasingly rare in other capitals,” he added.
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