King Sized Sale For Developer


Quarry owner and private developer Paul Lofitis may just be the ultimate property flipper after selling his Melbourne CBD site for $44million after winning planning approval for the site just two years ago.

Mr Lofitis sold 299 King Street, which has approval for a 62-storey tower with 431 apartments to China-backed developer Aurumstone Group.

Mr Lofitis amalgamated the 1293-square metre site, after acquiring one property from the Koorie Heritage Trust for $8.64 million and a smaller property adjoining it for $4.1 million.


Rendering by Scope ArchitectureA development application was lodged in late 2014 for an 82-storey building, with 603 apartments, slicing his original plans by 20 storeys. CBRE Melbourne City Sales were behind the transaction.
Constructed in 1919, the three-level building, which underwent a full refurbishment in 2003, operated as a Cultural Centre and provided office accommodation, ground floor retail, class rooms, and exhibition and gallery spaces. It has a total area of approximately 2,300 square metres and was known for its centrally located gumtree which stretches up through a void on each of the floors.

CBRE's Josh Rutman, appointed to sell the site with colleagues Mark Wizel and Lewis Tong, said the land was expected to fetch more than $40 million, according to The Australian Financial Review. 

So far this year, Melbourne CBD site sales have hit $363 million, compared with $143.5 million last year.

Show Comments
advertise with us
The Urban Developer is Australia’s largest, most engaged and fastest growing community of property developers and urban development professionals. Connect your business with business and reach out to our partnerships team today.
Article originally posted at: