Tiny Southbank Site Earmarked For Major Tower

A SLIVER of Southbank land, about the same size as would accommodate a standard inner-city terrace house, has sold for $1.23 million because of its redevelopment potential.

The 168 square metre site at 11-13 Hancock Street sold at auction this week before 45 observers. Savills directors Nick Peden and Clinton Baxter represented the vendors who constructed a workshop on the site in the 1940s.

The block is some 900 metres from the CBD, between the Crown Casino and Clarendon Street shopping strip. Sold with vacant possession, it is expected to make way for an apartment complex. Savills directors Nick Peden and Clinton Baxter were the marketing agents.

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Gillard-Rudd Laws Lock Australians Out of Residential Market

IT’s every first-home-buyers worst nightmare coming true – and the trend may just be starting.

Because of hugely controversial foreign ownership laws introduced by the Rudd-Gillard government three years ago – agents say local investors have not been offered to purchase apartments within a major residential skyscraper under construction at the tip of the city, near Flagstaff Gardens.

The 206 A’Beckett Street tower, on part of the former City Mazda site near the Queen Victoria Market car park, is being developed by Malaysia-based investors which paid Drapac $5.3 million for the 1194 square metre block in October 2008.

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EG to Redevelop Former Hedley Sutton Retirement Village, Canterbury

IT was described as the “best bargain development site” to sell during the economic downturn, and now builder EG Funds Management is ready to cash in.

The former Hedley Sutton Retirement Village, on the corner of Canterbury Road and Gascoyne Street, is being replaced with a medium density housing project, called The Canterbury.

EG paid Baptcare just $12.53 million for the 8161 square metre site in late 2008, at a particularly depressed time in the residential development site market.

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