The St Kilda Road based developer is believed to have paid close to $15 million for a low-rise office building at 42 – 50 Albert Road, which was sold with a permit for a 28-level, 300-unit apartment complex, which will have an estimated end value of about $120 million.
To date, the St Kilda Road precinct’s highest skyscraper, the Royal Domain tower at 368 St Kilda Road, soars 42-levels.
Elsewhere in metropolitan Melbourne, Hamton is developing 520 apartments in Coburg, 586 apartments in Abbotsford and about 100 apartments at its Mandalay project in Malvern.
Jones Lang LaSalle’s Steven Messina is understood to be behind both Albert Road deals, but declined to comment on any part of a transaction, when contacted by Capital Gain.
The sale of 35 Albert Road continues a trend of international-based developers swooping on major residential development sites, and follows two recent CBD sites sales, totalling about $51 million, to Asia-based investors, and potentially yielding projects worth more than $500 million.
An international investor also paid close to $5 million for the former St Kilda Post Office building last year, with a permit for a five-level, 40-unit serviced apartment complex.