The buyer plans to build a new apartment tower on the site at 109 – 115 Manningham Street, which runs alongside Citylink. The property includes 24 older style apartments returning $132,000 in rent, which will be demolished as part of the redevelopment.
Knight Frank manager – commercial sales, Nick Peden, who sold the property, said the site had development potential for multiple uses including apartments, townhouses or aged care facilities. It has a 47 metre frontage to Manningham Street and is close to the Commonwealth Games Village and the Royal Park train station.
“The Parkville area is going from strength to strength now that a bit of money has been invested there,” said Mr Peden. “We had several developers bid for this property, all with the view of developing apartments.”
Mr Peden said the vendor owned the property for more than 35 years.