Private developer Bill McNee's Vicland has purchased a development site in Brisbane's Fortitude Valley property market from fund manager Forza Capital for $13 million, The Australian Financial Review reported.
The newspaper reported that the property, which Forza purchased for $7.1 million in 2013, has since obtained development approval for 260 apartments across two 25-level towers.
It includes 365 St Pauls Terrace and 105-109 Alfred Street.
Mr McNee bought a Melbourne city fringe site for $29 million this year.
He and his investment partners are also seeking to sell one of the biggest development opportunities in Melbourne's Fishermans Bend.
The newspaper said that for Forza Capital the sale, which was negotiated by CBRE Brisbane's Darren Collins and Mike Walsh, will provide the fund's investors with an internal rate of return of about 36 per cent per year.
Forza Capital, led by Ashley Wain and Adam Murchie, has been buying Brisbane properties.
"We identified the site as a strategic income-producing investment recognising the inherent long-term potential of the Fortitude Valley precinct," Mr Murchie told the paper.
"Since we acquired the asset, the Fortitude Valley precinct has continued to mature and, given recent strong market performance, we saw an opportunity to exit this investment and look at alternative opportunities."