Morry Schwartz is understood to have paid $5 million for a small CBD office building, with plans for a residential tower.
The property, 19 – 21 A’Beckett Street, was sold by business identity Paul Mathis who, according to CityScope, paid $1.95m last September.
The new owner confirmed the purchase when contacted by Capital Gain.
“Ironically we looked at the property when it was put to the market last year, but the market wasn’t as clear as it is now,” Mr Schwartz added.
“I think the location, in the city fringe tertiary education precinct, is ideal for a residential development and we are going through the planning process now.”
The site was one of several A’Beckett St assets listed by Abaris Printing and Publishing, which relocated to Derrimut.