Doncaster Road Site Sells to Overseas Developer For $16.25 Million
However it’s understood plans are well underway to redevelop the site into a high density community.
Upon completion of a major redevelopment, the Westfield Shoppingtown office building – which has dominated the Doncaster skyline for years – should be joined by high rise neighbours.
GormanKelly director Sandro Peluso negotiated the sale on behalf of private investors, but declined to comment on any part of the deal when contacted by Capital Gain.
Until 12 months ago, the complex was owned by businessman Andrew Myer, the grandson of department store founder Sidney, and son of philanthropist Ken.
Mr Myer sold the building for $10.7 million at a particularly depressed time in the commercial property market.
The prominent site is an important piece in the council’s Doncaster Hill Strategy 2021, which aims to build more apartments around Doncaster Road and Westfield.
Recently in the area the Silverstone Jaguar dealership at 591 Doncaster Road sold to a private investor for $7.5 million, on a yield of 7.8 per cent.
The Eastern Golf Course on Doncaster Road is the biggest development site to hit the local market in recent years. Developer MAB is believed to be in negotiations to buy the site, which is expected to be redeveloped into a housing estate with offices and shops, with a possible end value of more than $1 billion.
