Chinese developer buying Melbourne office from ISPT

CHINA based builder Sunnyland Investment Group has paid about $40 million for a major St Kilda Road development site which has the potential to yield at least two major apartment skyscrapers, and a ground floor shopping centre.

The purchase continues a trend of Asia-based investors swooping on inner-city sites and exploiting the state government’s problematic Melbourne @ 5 Million planning policy which encourages higher density redevelopment around existing roads and public transport – a strategy that hasn’t gone unnoticed to stressed drivers, bus and rail commuters in this election campaign.

Sunnyland’s latest acquisition is of the Clemenger BBDO House office at 472 – 474 St Kilda Road, on the south-west corner of Leopold Street.