A Chinese developer has purchased a substantial 1,790 square metre development site in Melbourne’s CBD for $30.4 million.
The sale is Brilliland Group’s first foray into the Australian property market and marks a growing trend of Chinese development in Melbourne’s CBD.
The sale was marketed by
CBRE's Mark Wizal, Josh Rutman and Ed Wright.
“The sale is also further evidence of the sustained interest from Chinese developers wanting to secure development sites in the immediate proximity of the Melbourne CBD,” Mark Wizal told The Australian.
Located at 51-65 Clarke Street in Southbank, the corner allotment site featuring three street frontages has been described as Melbourne’s last significant development site.
Positioned among Melbourne’s most proven high rise residential apartment buildings, the area surrounding the plot continually attracts strong investor and owner-occupier interest.
Owned by the Buxton family dynasty, the site is currently home to a low-rise office building that is leased to tenants on a short-term basis.
The parcel was sold with no planning permits in place, but several sites on Clarke Street have secured planning permits.