A major Melbourne city fringe development site situated on the corner of Spencer Street and Dudley Street, West Melbourne has sold for $29 million.
Private developer Vicland Corporation, which is controlled by prominent Melbourne-based developer Bill McNee snapped up the lucrative site.
Vicland Corporation has recently completed a number of high quality residential towers located in the CBD and City Fringe including Hub (Richmond), Habitat (Southbank) and The Coromandel (CBD).
Sold by Colliers International’s Matt Stagg and Daniel Wolman, the 420 Spencer Street site comprises 2,250 square metres of land and includes approved plans and permits for a stunning 38-level residential tower yielding 438 apartments.
“West Melbourne is a rapidly developing hotspot which immediately adjoins the Melbourne CBD,” Mr Stagg said.
“Developers are now moving from the Melbourne CBD grid which is running out of suitable sites and targeting growth locations such as West Melbourne.”
“The site received very strong interest from local and offshore developers. However, Vicland Corporation acted swiftly and was able to outmuscle the competition to secure the site,” Mr Wolman added.