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

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.

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