The asset, currently a low-rise office, was divested by a group of private investors that included commercial real estate agent Matthew Walsh of Blount Osborne Walsh.
Vicland Corporation director Bill McNee confirmed the purchase. The proposed Southbank tower will be the highest density project in that developer’s burgeoning portfolio. Vicland owns other residential and commercial assets, and is known for reweighting its property portfolio, often after value-adding. It was also an active buyer in the recent economic downturn.
Savills director Clinton Baxter, who sold the Clarke Street site with Nick Peden, said the sale rate of $13,000 per square metre of land makes Southbank as valuable as many parts of the CBD.