Skyscrapers to Sprout From Two Sites Around Melbourne’s Shrine of Remembrance

Shrine of RemembranceTWO major development sites around the Shrine of Remembrance have sold, in deals expected to see low rise office buildings replaced with skyscraper apartment towers, with a potential end value of around $250 million.

In the biggest deal, an Asia-based developer is believed to have paid about $15.5 million for a 2274 square metre site at 35 Albert Road.

A 3096 square metre office building at the address is expected to be replaced with an apartment tower, which some speculate could soar higher than 30 levels and have an end value of about $130 million.

Meanwhile across the road, boutique developer Hamton has made one of its biggest forays into the high-density residential sector.

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Hallmark Penthouse Sells For $2.3 Million

ONE of four rooftop penthouse apartments in the prominent Hallmark apartment tower, opposite the Shrine of Remembrance, at 2 Albert Road, has sold for $2.3 million. The apartment complex was developed on the site of a former 14-level office building, which was leased for 30 years to Travelodge from 1969. The 155-unit Hallmark complex was

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