Morry Schwartz has sold a residential development site he couldn’t get developed, at the top end of the Melbourne CBD.
Singapore-based construction and property giant Chip Eng Seng Corp is the buyer- reportedly paying $20.2 million.
The 1857 square metre site, 27 – 39 Mackenzie Street came permit for a 32-level, 388 unit apartment complex (pictured).
Mr Schwartz’s Pan Urban paid $10.8m in 2008.
The developer told the AFR “financing large scale developments was tough, with banks demanding equity contributions and presales that were out of reach for some developers.”
“The banking situation has made it difficult for smaller groups,” he added.
Chip Eng Seng has completed two Adelaide projects but MacKenzie Street will be its first in Melbourne.