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Developers behind Melbourne's Australia 108 sell out for $42m

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The consortium behind Melbourne's proposed

Australia 108 tower have today confirmed that the iconic site in Melbourne's Southbank has been sold for $42.3 million.

The purchaser is Singaporean property developer World Class Land Pte Ltd, a subsidiary of jewellery-giant Aspial Corporation Ltd. 

At 388m, the $600 million 108-storey tower will feature 664 apartments and a luxury hotel and climb 91m higher than the Eureka Tower.

The development was approved by the Victoria Planning Minister Matthew Guy in March 2013 following a re-design of the tower after height objections from aviation authorities.

The Australia 108 consortium includes architect and developer Nonda Katsalidis, whose firm Fender Katsalidis designed the tower; investor and Lavazza coffee scion Adrian Valmorbida

; developer Benni Aroni representing the Watersun syndicate made up of himself, Gary Caulfield, Rob Elliott and others; and the Beulah International syndicate representing the Malaysian partners.

Katsalidis and Aroni were also two of the developers of Eureka Tower, Melbourne's current tallest tower which was also designed by Fender Katsalidis and built by Grocon.

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“Contrary to previous inaccurate media reports, the site was not on the market formally or informally”, said Benni Aroni, Developer’s Representative for Australia 108.

“Interest in Australia 108 from potential apartment purchasers and hotel owners and operators has remained consistently strong”, he added.

“Late in December, several unexpected approaches to purchase the site were made to me from both local and international companies, and ultimately an offer was received which was attractive enough for us to consider selling the site. It all happened very, very quickly, and was subject to confidentiality clauses, so we were not able to disclose the sale to anyone, until now”, said Mr Aroni.

The sale was negotiated by selling agents Mark Wizel and Josh Rutman, of CBRE Melbourne City Sales, who acted for the vendors.

[urbanRelatedPost][/urbanRelatedPost]“The sale of 70 Southbank Boulevard is a landmark transaction as it demonstrates that the interest from Asian-based developers in Melbourne opportunities is widening beyond the traditional confines of the CBD”, Mr Wizel said.

“Several major site transactions were negotiated in 2013 on the city fringe which represent the maturity of the Melbourne apartment market and the confidence that active, offshore-based developers now have in projects in non-CBD locations,” he added.

 

 

Wee Seng Koh, CEO of Aspial Corp Ltd

said “We are very pleased with our purchase of this premium site, which adds to the development portfolio in Australia we have already acquired. We plan to continue to develop Australia 108 as Melbourne’s tallest and most significant residential and commercial tower, with a launch planned for 2014.”

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Article originally posted at: https://https://theurbandeveloper.com/articles/developers-behind-melbournes-tallest-tower-offload-to-singaporeans-for-42-3m