Melbourne developer Fridcorp continues to build its development pipeline with the acquisition of a high profile site at South Yarra.
Fridcorp, which is headed up by Paul Fridman, has purchased the property at 627 Chapel Street for an undisclosed price. The building is home to Fridcorp's corporate headquarters.
The building was constructed in 1989 by Michael Yates and Fridcorp is the second owner of the island site which is just under 2,000sqm.
The property is next to the 5,600sqm former Capitol Bakeries site on the corner of Toorak Road and Chapel Street. The site is currently being developed as a 45-storey tower by Larry Kestelman's LK Property Group.
Fridcorp’s Head of Commercial Acquisitions Bill McHarg said the company was looking to further expand its portfolio.
“We are presently searching for three further acquisitions of up to $100 million each as part of our current growth strategy," he said.
The company is currently developing a number of residential projects throughout Sydney and Melbourne, including the the Avenue apartments on the corner of Chapel Street and Alexandra Ave, South Yarra.