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.