Clement Lee has paid an as-yet-undisclosed sum for a riverside piece of the city.
It is the second deal with the government, following the recent acquisition of the ex-Melbourne Convention Centre for $40m.
The new site, known as North Wharf, spreads 1.24 hectares.
It is west of Spencer Street and north of Docklands.
Knight Frank’s Michael Hede and Marcus Quinn were the agents; it was promoted as a mixed-use development opportunity.