A West Melbourne property with potential for a high rise development has been sold to a local developer for $12.75 million.
The property at 405-409 Spencer Street, at the corner of Spencer and Batman Street, currently houses a two-level building used for a bed and breakfast and a car shop.
The 1,202sqm rectangular site offers a prominent position with a total street frontage of 70.75m and an opportunity to create a high-rise development in emerging West Melbourne, subject to council approval.
The property is located close to Southern Cross Station, only 200m to Flagstaff Gardens and nearby Queen Victoria Market.
The deal was negotiated by CBRE'S Julian White, Mark Wizel, Josh Rutman and David Minty.