It would tower over the historic State Library buildings, and potentially set a new, dense planning precedent for other Melbourne CBD land owners to refer to, when applying to redevelop their sub-400 square metre blocks.
A local developer with Asian links paid $7.35 million for Rido House in late 2007, on a six month settlement.
Elsewhere in the immediate area, local developers PDG Corporation and the Schiavello Group have seized control of a long-vacant residential development site at 318 Russell Street.
That site has been recognisable for years by a derelict building, painted yellow and black, promoting the Barton Tower that was never developed. The site will now be replaced with Abode318, a 55-storey complex rising 205 metres and with 450 flats.
PDG and Schiavello paid Francis Kwong’s Barton Australia $19.7 million for the Russell Street site last December.