Uni buying Haymarket roundabout site

The City Ford dealership at the Haymarket roundabout, north of the city, is selling to the University of Melbourne.

Sources say the group will pay $40 million for 750 Elizabeth Street.

The property is near other college held real estate

Vendor Drapac had earmarked the land for a 12-level, 37,000 square metre Bates Smart designed office; it had been speculated University of Melbourne might have part tenanted.

When contacted about an acquisition, a school spokesperson said it was keen for the property but a deal hasn’t concluded.

Ashley Wain, director with the vendor, declined to comment.

Drapac paid Nissan $17m for the 7215 sqm holding in October, 2013.

That vendor acquired it from Ford 15 years earlier.

The Haymarket roundabout is a major intersection connecting Flemington Road, Peel Street and Royal Parade.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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