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Peter Scanlon's West Melbourne Properties Sold for $75million

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A group of West Melbourne property assets has been sold by Hume Partners - backed by Melbourne investor and BRW Rich Lister Peter Scanlon.

According to the Australian Financial Review the group of four properties along Spencer Street have been offloaded for circa $75million.

It's reported that the Asian Pacific Group is buying the 3800 sqm site at 83-113 Batman Street for $35 million. The site has a development permit in place which allows for a 522-apartment project.

Another three properties including the historic Sands and McDougall buildings have been sold to a private local syndicate for $38.8million. The three properties included a six-level and three-level buildings and a warehouse.

Hume partners was formed to principally manage Scanlon's family interests and that of his foundation, as well as for other clients. Scanlon accumulated his wealth largely from logistics and stevedoring business Patrick Corporation which was acquired by Toll Holdings in 2006.

The deals were brokered by CBRE.

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Article originally posted at: https://theurbandeveloper.com/articles/peter-scanlon-west-melbourne-properties-sold