PDG secures another inner-city site

PDG’s Gadsden at 288 Adderley Street, West Melbourne.

PDG has bought a triple fronted site in Melbourne’s inner north west fringe, for an apartment project.

The 1597 square metre West Melbourne parcel at 137-157 Adderley Street, also facing Rosslyn and Stanley, is setting the group back $9.25 million.

The vendor, Aust Landing Group Pty Ltd, outlaid $9.4m in 2016.

A permit for a high density six storey building with 96 dwellings was approved in 2018.

PDG is instead planning 85.

Cushman & Wakefield’s Daniel Wolman, Oliver Hay and Leon Ma marketed the potential for the approved 13,167 sqm shell to make way for alternative product (story continues below).

Elsewhere in Adderley St, West Melbourne, PDG recently completed 165 apartments, a project called Gadsden.

It also completed a build to rent tower near Queen Victoria Market – now owned by Mirvac – as well as offices in Melbourne’s biotechnology precinct on Elizabeth St near the Haymarket roundabout.

The company also co-owns Australia Post’s new headquarters at Burnley.

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Marc Pallisco

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