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Metro Sells Development Site At Cost

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Metro Property Development has sold its Brunswick Central development site for about $35 million to Melbourne developer Accord Property Group, The Australian Financial Review reported.

Metro, which aborted an attempt to list on the Australian Securities Exchange last year, bought  Brunswick Central in Fortitude Valley for about $35 million in 2014 from Brisbane pub owners the Power family.

Metro was planning two towers of about 600 units and up to 6000 square metres of retail on the site.

Metro reviewed its property holdings after its failed float attempt and decided to try and find a buyer for Brunswick Central instead of developing it, according to The Australian Financial Review.

Deloitte Real Estate's national director James Walsh and Ray White Transact's Rick Bird negotiated the sale.

Accord, founded by Ross Clarke and Scott McVilly last year entered the Brisbane market through the acquisition of a South Brisbane site from developer Angus Johnson for $20 million.

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Article originally posted at: https://theurbandeveloper.com/articles/metro-sells-development-site-cost