Singapore’s listed Figtree Holdings has offloaded a Melbourne CBD site for $35 million – almost twice the $17.4 million it paid just over three years ago.
The holding, 293-303 La Trobe Street, is an amalgamation of two properties: the historic Duke of Kent Hotel – a hospitality venue said to have held Melbourne’s oldest continuing liquor licence – was Figtree’s first Victorian purchase, costing $14.1 million.
Shortly after buying the pub, Figtree acquired the neighbouring low-rise office on 161 square metres of land.
Figtree failed to win permission to replace its integrated 661 sqm block with a 67-level tower containing 370 flats and 61 car parks.
However it was granted a permit for a 44-storey tower with a pool, gym, bar, cinema and 214 flats which 360 Property Group has been promoting for sale.
The development site is selling to an offshore student accommodation provider according to various reports.
The site is next door to the former Steamworks sex venue, which the Coptic Orthodox Church recently replaced with a 43-level, 307-unit residential building known as Eporo Tower.