Kuwaiti Sheikh quietly sells landmark Melbourne site
EXCLUSIVE
Kuwaiti Sheikh, businessman, Mubarak Al-Sabah, has sold a notorious waterfront Port Melbourne block after 18 years and two failed redevelopment attempts.
The 5487 square metre parcel, 1-7 Waterfront Place, found favour with Casa, the Grollo family’s build to sell apartment arm, following an off-market campaign managed late last year.
It came permit permit-ready for 126 dwellings over 10 levels – twin seven storey buildings above a three floor podium.
Townhouses also form part of the proposal.
The vendor, via Action Group Holdings, outlaid $20m.
It was represented for the sale by Melbourne Acquisitions’ Dom Gibson.
Next chapter for forgotten prime site
The deal comes 21 years since Mirvac won a state government tender to replace 1-7 Waterfront Pl with a gym and childcare centre – part of the Beacon Cove project (story continues below).
Instead in 2007, Mirvac sold it to AGH which in 2012, failed to win approval to add a 19 level apartment complex.
In 2017, AGH submitted plans for the 10 storey project – also with 732 sqm of retail and a 1170 sqm gym.
This project was set to be decided by the Victorian Civil and Administrative Tribunal before then planning minister, Richard Wynne, called it in.
Casa is set to refresh the design.
It is already marketing apartments for pre-sale.
Elsewhere in the inner south, the group plans to replace the ex-Ojay headquarters near the top of Chapel St, South Yarra, with luxury apartments.
More to come.
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