Government sells site beside Bolte Bridge for BTR apartments
Development Victoria has sold Samma Property Group and Brightlight a major site at the north east corner of Lorimer Street and the Bolte Bridge.
The 4509 square metre parcel was offered with a development scheme for a 90 metre – or circa 30 storey – building.
The buyers are intending a $200 million Build to Rent project with c300 dwellings (artist’s impression, right).
Cushman & Wakefield’s Lukas Byrns, Marcus Neill and Luke Etherington marketed the block, 194-206 Lorimer St; the price is speculated to be under $20m.
“The Docklands site was fiercely contested by traditional residential apartment developers and the emerging BTR groups given the demand for well-located apartment project locations,” Mr Byrns said.
“Melbourne has emerged as the most active location in the BTR space nationally accounting for over 60 per cent of the Australian BTR projects either proposed or under construction,” he added (story continues below).
Samma and Brightlight hold a nearby site, 65 Haig St, Southbank, earmarked for four BTR assets.
With an end value of c$750m, that project will contain over 1400 dwellings.
More to come.
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