Leisure Management Group’s headquarters, in a residential Ascot Vale pocket, has sold to for a speculated $11 million.
The battle-axe shaped site at 9 Newsom Street was offered by a local private investor permit-ready for 38 large townhouses.
Also with frontage to Hurtle St, the land is opposite Mirvac’s recently completed $160m Enclave housing estate, with 246 dwellings.
It is in the immediate vicinity of Riverside Golf and Tennis Centre – an asset managed by LMS, Fairbairn Park and Maribyrnong River (story continues below).
Savills’ Jesse Radisich, Julian Heatherich and Benson Zhou marketed the Ascot Vale property, about six kilometres north west of Melbourne.
The deal came in the same week a development site with a permit for 23 townhouses at 147-157 Princes St, in neighbouring Flemington, sold for $6.5m – or $825,000 less than it traded for in 2017.