The observation wheel, at the Waterfront City precinct of Docklands, off Footscray Road, is due for completion later this year. The wheel has cost about $100 million to build.
It is not yet known whether any retail property surrounding the wheel, will also be sold.
Waterfront City is one of ING Real Estate’s biggest property projects, globally.
ING told Channel Seven news it is in confidential negotiations with a party to buy the site. Colonial First State and the Gandel Group are speculated to have shown interest in the asset.
The observation wheel is under construction and set to open in November.