Buxton Buys St Kilda Development Site

MELBOURNE-based developer Buxton Group has been revealed as the buyer of a prominent St Kilda development site near the Acland Street shopping strip.

The group is believed to be paying about $7.5 million for a 1000 square metre site at the corner of Barkly and Belford streets previously occupied by the Vasiliki lobster shop and Earls Hardware.

The site was sold with a permit for a $50 million, five-level tower with about 84 units but it’s believed Buxton may propose a higher density redevelopment, a practice which is becoming increasingly common all around Melbourne.

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RMIT’s Outgoing Building 87 to be Sold With Permit For 50-Level Apartment Tower

A CBD building, offloaded by the Royal Melbourne Institute of Technology five years ago, has been listed for sale this week as a major residential development site.
 
The 410 Elizabeth Street office, known to RMIT staff and students as Building 87, will be sold with a development permit for a 50-level apartment building, capable of accommodating hundreds of units.
 
The property is owned by developer Michael Buxton, who paid RMIT $8.25 million for the office in 2004, before working on obtaining a residential development permit.

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