Apartment developer Trenerry Property Group has expanded its portfolio with the acquisition of a West Melbourne development site from Australia Post.
Trenerry Property Group is believed to have purchased the 9,200sqm site in Rosslyn Street for $40 million.
Knight Frank's Langton McHarg marketed the site.
Trenerry Property Group director Robert DiCintio confirmed to the The Sydney Morning Herald that the group planned to start marketing the project early next year, subject to gaining planning approval.
Prior to placing it on the market, Australia Post lodged a development application for the site to help boost its value.
The DA includes 501 apartments across five towers. The towers would range in height from six to 19 storeys and would also include 11 retail spaces and 396 car spaces. The DA has not yet been approved.
"We're keeping that application but we're going to do a substantial redesign of the building. We don't believe in having any inactive frontages," Mr DiCintio told the newspaper.
The company is considering adding a hotel and more retail to the development, he said.