Chinese developer AZX Group has purchased Charter Hall's interest in the development site at 685 La Trobe Street, Docklands, Melbourne for $ 31.5 million.
Charter Hall, who has a half share in the asset with Flagship Property Holdings, made $15.75 million from the deal.
Charter Hall will now use the proceeds to generate operating earnings from property investments.
CBRE's Mark Wizel, Josh Rutman and Lewis Tong negotiated the deal.
The site currently has a Development Approval for a 60m high commercial building over 12 levels with 1,100sqm ground floor retail, 250 bike spaces and 137 car park spaces.
The planned building would have a net leasable area of 38,350sqm.
Pictured: Artists impression of planned building for 685 La Trobe Street, Melbourne. Image from Bates Smart