This article is from the Australian Property Journal archive
LISTED Malaysian developer PJ Development Holdings Berhad has been granted a three months extension to settle the $145 million payment for a Southbank site.
PJD bought the site in June this year from Dynasty Falls, which is owned by Melbourne’s renowned the Banco Group’s Mario and Antonio Lo Giudice, along with two other investors, namely Joel Freeman and Bella Gurevich.
PJD yesterday said it has exercised its right under the contract to extend the settlement date from December 18 2014 to March 18 2015. Last month the company obtained shareholder approval to buy the property.
Located at 93-119 Kavanagh St Southbank, the 2.026ha (20,259 sqm) landholding is under Capital City Zone 3 and is currently used as a commercial car park for approximately 700 vehicles.
The commercial car park operator signed a 10-year lease over the site in January this year on a commencing rent of $360,000 p.a. plus GST, however there is a break clause which may be given at any time after the expiry of the first year of the term.
There are currently no planning permits, but the site has potential to accommodate a mixed-use development with at least six high-rise towers.
Documents show there is a height limit of 100 metres over the site although it is understood that PJD will seek to increase the height limit.
Earlier this year, Planning Minister Matthew Guy approved Aspial’s 319-metre tall tower at 70 Southbank Boulevard Soutbank, which was seven metres higher than the previous application of 312 metres.
Australian Property Journal
