This article is from the Australian Property Journal archive
SINGAPOREAN developer Chip Eng Seng has snapped up a 6,000 sqm car park and development site within the Fishermans Bend precinct in South Melbourne for $52 million.
This is the second time the 15-87 Gladstone St South Melbourne site has changed hands, 11 months ago it was sold by MAB Corporation for $37 million.
The latest sale price reflects a land rate of $8,742 per sqm compared to the sale rate of $6,220 per sqm recorded last year.
Currently the 5,948 sqm site is a predominantly open land and is currently leased as a commercial car park to a car parking operator.
Located in the Montague precinct of the Fishermans Bend urban renewal area, the site was sold with a development approval for three 30 storeys towers comprising 742 residential apartments with street level retail spaces and podium levels of car parking for 596 vehicles.
CES executive director Hoon Tai Meng said the development will be financed by internal sources and bank borrowings.
It is CES’ second acquisition in Melbourne since it acquired a 17,857 sqm industrial site at 217 and 221-223 Separation St Northcote for $27 million in October, which it plans to develop 15 townhouses and 300 apartments.
Last year, CES offloaded its super development site at 170 Victoria St in the CBD for $64.8 million after paying $32 million in 2013.
The Fishermans Bend transaction is believed one of the most expensive development site sales in South Melbourne. Other deals last year include 280 Normanby Rd South Melbourne for $14 million; 245-251 Normanby Rd South Melbourne for $14 million; 235-241 Normanby Rd South Melbourne for $18 million; 240 Normany Rd South Melbourne for $10 million.
Australian Property Journal
