Far East Consortium – realestatesource

ONE of the northern suburb’s most controversial residential development sites has sold for $6.7 million.

The vacant AMF Northcote Bowl complex at 166 – 174 Victoria Street, on the north-east corner of Separation Street, was listed for sale by Hong Kong based conglomerate Far East Consortium last October.

It paid Macquarie $5 million for the 4716 square metre site in early 2009, and shortly after, convinced VCAT to approve a permit which would see the distinctive centre demolished and replaced with 73 flats and 18 townhouses.

One of the proposal’s criticisms was that the busy intersection, with thin roads, would be even more overrun with cars. Others argue the site’s previous use as a bowling centre would have contributed somewhat to the traffic in the area.

Victoria

Hong Kong Listed Developer Far East Consortium to Sell Controversial Melbourne Development Site

November 1, 2010 Marc Pallisco Far East Consortium, justin madden, macquarie, Melbourne development site sale, Northcote, Upper West Side, Victorian Planning Minister

HONG Kong based developer Far East Consortium is selling a controversial development site, so that it can concentrate on another one.

Far East, which has been listed on the Hong Kong stock exchange since 1972, can expect about $6.25 million for the former AMF Bowling Centre at the north-east corner of Victoria Road and Separation Street in Northcote.

It paid Macquarie $5 million for the 4716 square metre site in early 2009, before pushing ahead with a major residential proposal.

Macquarie acquired the asset in 2004 when it paid AMF Bowling Centres $67.4 million for its Australian portfolio.

Victoria

Planning Minister Justin Madden Approves Massive Upper West Side Project

September 16, 2010 Marc Pallisco Far East Consortium, Lonsdale Street, Melbourne CBD Retail, New Melbourne CBD Apartment Tower, Spencer Street

HONG Kong based developer Far East Consortium is ready to redevelop one of the Melbourne CBD’s biggest remaining development sites.

Planning Minister Justin Madden this week approved the construction of a $1 billion-plus, multi-skyscraper compound, to replace the notorious eyesore known between 1950 and 2008 as the Lonsdale Street power station, at the Docklands-CBD suburb border, opposite the Southern Cross train station.

The Upper West Side complex, as it has been marketed, will include four major skyscrapers between 31 and 50 levels – linked by a one hectare podium rooftop garden – with a veggie patch and children’s play area. Retail will flank the ground levels.