Student accommodation group Iglu has set its sights on Melbourne with the acquisition of a development site near Queen Victoria Market for $20 million.
The Australian Financial Review reported that the 1,548sqm site at 229-241 Franklin Street had been sold at a rate of approximately $12,500/sqm.
The sale was handled by Savills agents Clinton Baxter and Nick Peden.
"It's an exciting time to be developing in the northern CBD with the Melbourne City Council having a genuine focus on rejuvenating the Queen Victoria Market precinct," Mr Baxter said.
Backed by Macquarie Capital and Singapore fund GIC, Iglu currently has three properties in Brisbane and Sydney - Iglu Central and Iglu Chatswood opened last year and Iglu Brisbane is due to open in January 2016.