Lucent is understood to be paying well over $20 million for a former bacon and cured meat manufacturing plant, in Northcote.
The 6131 square metre site, 84-96 Bastings Street, is earmarked for townhouses.
Vendor Waratah Properties, formerly known as Steiger & Boehm, acquired it in 1973.
The holding accommodated a food processing factory between the late 1800s and 2006.
“Following significant work to remediate the site we were able to secure a strong result for our vendor, which was underpinned by the site’s location in a thriving inner-urban residential area,” Colliers’ Joe Kairouz, said.
Elsewhere in the suburb, in June, Beulah launched a townhouse project, The Wylds, at the western end Cunningham St, near Merri Creek – believed to be the spot Batman’s Treaty was signed (story continues below).
Last year, Wilbow Corporation paid $4.4m for an office with high density development upside on 1027 sqm at 48 High St.
LAS Group is also proposing a mixed-use project, Northcote Green, on strata titled pieces of Northcote Plaza acquired for $35m 24 months ago.
Chip Eng Seng also holds a significant medium density development site in the suburb – 217 and 221-223 Separation St, spreading 1.78 hectares, cost $27m in 2015.
Lucent is based in Brunswick East, where it has completed three projects.
It is behind residential complexes at Brighton, Carnegie and Prahran.
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