Melbourne Residential Development Sit Sale

BUSINESSMAN and hotelier Robert Zagame, of the Zagame Group, is believed to have paid about $1.725 million for a Prahran development site.

The 295 square metre property at 223 High Street, was sold with a permit for an $8 million, five-level, seven-unit apartment complex, with a ground floor showroom.

However it’s speculated Mr Zagame will revise that application to include around 20 one-bedroom units or studios.