Caydon Reportedly Behind $16 Million Brunswick Development Site Purchase, Melbourne
The 21 – 27 Brunswick Road site which has a wide frontage to Barkly Street at the rear, was offloaded by Sydney-based investment group EG Funds Management which paid just $8.7 million for it in October 2008.
EG purchased the site off manufacturer and textile distributor Charles Parsons, which previously owner occupied the factory.
A Caydon representative was unavailable to comment about the speculation. Vinci Cabone directors Joseph Carbone and Frank Vinci are understood to have sold the development site, but declined to comment.
In April Caydon paid Vision Australia $21 million for a High Street, Prahran development site, with a permit for a 330-unit apartment complex and ground floor retail.
Last September, Caydon paid Mirvac $12 million for a 5000 square metre development site at 291 – 311 Burwood Road, overlooking the Glenferrie Oval in Hawthorn. Sold with a permit for an 18,800 square metre office, Caydon will instead rebuild the block as flats.
Caydon is also developing what will be Richmond’s tallest residential tower (outside of commission flat buildings), rising nine levels from the Viva Plastics site at the busy Punt Road onramp of the Monash Freeway, near the Nylex sign and silos.
Earlier this year, Caydon finalised construction of Axiom, a seven-level, 81 unit apartment building in Hopkins Street, Footscray. It is also developing the Amia apartment building at the north-west corner of Nicholson Street and Brunswick Road, near its latest acquisition.
Elsewhere in Melbourne this week, a 1.5 hectare residential development site abutting the Stonington mansion in Glenferrie Road, Malvern, sold to China based developer Everbright Group for about $30 million.
