Colin DeLutis is selling a parkside Brunswick East development site acquired in 1977 as part of his Westco Jeans empire.
The businessman, who is a full time property investor nowadays, can expect about $17 million for 20 Leinster Grove, abutting Methven Park.
On a 4352 sqm rectangle shaped mixed-use zoned site, the parcel was one of the executive’s first commercial acquisitions.
In recent years, it has become surrounded by high density apartment towers – upwards of six floors.
Project could re-rate Brunswick East apartment market: agent
Mr Dickinson said 20 Leinster Grove offers developers the opportunity to build something parkside with the potential for unobscured Melbourne CBD view lines.
“This is an incredibly rare opportunity to secure a major park front landholding in the heart of Brunswick East, located…moments from the prime retail and hospitality amenities along Lygon St,” according to the executive.
“The…zoning allows for a variety of development outcomes” (story continues below).
Any multi-level residential project, he added, could re-rate the Brunswick East market.
Out with the old
Last April, Mr DeLutis paid the Lendlease managed Australian Prime Property Fund $136.5m for Caroline Springs’ CS Square shopping centre.
Also last year the developer unveiled plans for a $70m office at 263 William Street in the city, and a $40m Sorrento retail project.
Between 2002-2016, the businessman held the ex-Bradmill factory, in Yarraville, a holding he extended with the purchase of neighbouring industrial properties throughout his period of ownership.
Now 24.3ha, that property recently sold for c$225m to Frasers Property Australia, backed by Irongate Group, which are planning a housing estate.
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