A prime development site in the heart of Footscray with a permit for a 15-level tower has sold for $5 million.
The 1,725 square metre site was sold to an Australian developer, who is understood to have financial backing from overseas parties.
As reported by The Sydney Morning Herald, the development site (located at 4 Neilson Place) was recently issued a permit for 135 apartments spread over 15 levels.
Title documents have shown that Adelaide Banner, who originally purchased the sought-after site for $715,000 in 2002, sold the property in a private sale negotiated by Icon Property’s Robert Mitchelson.
Former Planning Minister, Matthew Guy, officially earmarked the Footscray area for high-rise developments, and the area is predicted to soon to house over 4,000 apartments.
Although works have not started on many of the proposed projects in Footscray, the riverside precinct is set to be a new residential and cultural hub for Melbourne residents.
Some of the original developers who have bought into the precinct are making the most of interest shown from overseas developers.
Companies such as Devcorp and Austpac have put significant sites on the market, while a government agency sold a site at 7 Hopkins Street for a reported $18.7 million.