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One of the last gems

06 Oct 2016

One of the last gems Image

By Sunny Liu

A prime Moray St site, which has an existing permit approved for a 38-storey tower, was sold for $8.8 million last month.     

A Hong-Kong based developer is planning to build an $80-million residential tower at the Southbank fringe site at 18 Moray St.

The site is one of the last major permit-approved developments within the prime Crown Casino precinct.

The corner 446-sqm site, which attracted interest from many buyers was sold for $20,000 per square metre of land and $70,000 per apartment.

The director of property advising company Savills Nick Peden, which was the responsible agent for the sale, said it set a strong new benchmark for Southbank land.

“The transaction clearly demonstrates the ongoing appeal of the Melbourne market to Asia-based developers wishing to undertake projects to meet the needs of our rapidly growing population, and the price reflected that,” he said.

Mr Peden said the buyer was allowed to start the project immediately after the sale.

“The fact that the property offered buyers the ability to immediately commence the approved project was the icing on the cake,” he said.

Designed by Southbank-based architect Fender Katsalidis, the approved 38-level apartment tower will have 124 apartments.

According to Mr Peden, recent planning restrictions on development height and density within the Crown precinct had lifted the values of many Southbank sites, and this new apartment building is expected to be one of few built.

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