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Gu Cashes In On Melbourne Factory Site

Richard-Gu

Shanghai-born, Melbourne-based developer Richard Gu has sold the Melbourne Kinnears Rope Factory site he bought for $17 million in 2011 for $60 million.

According to The Australian Financial Review, industry sources confirmed that an offshore investor had paid $60 million for the site in an off-market deal managed by CBRE Director, Mark Wizel.

The four-hectare site is located in Melbourne’s west, 6 kilometres from the CBD.

Gu’s

AXF Group received development approval to construct 1,500 apartments on the factory site including retail space.

It is understood the buyer will continue with the development.

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Article originally posted at: https://https://theurbandeveloper.com/articles/richard-gu-cashes-in-on-melbourne-factory-site