Dexus offloads enormous Fishermans Bend site

The Port Melbourne offering in 2022.

Dexus has sold an enormous Port Melbourne site, 12 years after it was rezoned Capital City 1 as part of Australia’s biggest urban renewal project, Fishermans Bend, which has suffered hiccups and a confidence hit following successive state governments tweaking, amongst other things, maximum heights and taxes.

Fishermans Bend’s proposed innovation precinct – unveiled in 2021.

Businessman and developer Alan Ali is the buyer – paying $30.08 million for the 3.3 hectare amalgamation covering 261-289 Ingles St.

Shrublands in Canterbury was listed for sale this week.

Settlement occurred five months ago.

The deal continued a string of Dexus divestments including offices in Canberra and Sydney.

In late 2022 it sold East Melbourne’s 1 Nicholson St for $213.7m.

Shakespeare Property Group was that buyer.

The group also offloaded a Laverton industrial park on a funds through basis for $43.1m. (story continues below).

A proposed mixed use village at 277-281 Ingles Street.

Another deal done

Dexus acquired the Port Melbourne property as part of its $320m takeover of APN three years ago.

In 2022, it listed a 2.2ha component (277-281 Ingles St) as a development play capable of yielding a village with four apartment towers, offices and a hotel (impression, top).

It was represented by Dawkins Occhiuto’s Walter Occhiuto and Andrew Dawkins.

Earlier this week we reported Mr Ali, a toy importer and developer who moved to Melbourne from the Gold Coast, listed Canterbury’s Shrublands estate, and a property next door, all up for c$48.8m.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of