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29-03-2015, 11:13 PM
Singapore group sells Carlton site for $65m
THE AUSTRALIAN MARCH 30, 2015 12:00AM
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Ben Wilmot
Commercial Property Editor
Sydney
Singapore group sells $65m Carlton site
Victoria’s Labor government has signalled a more modest approach to super tall towers. Source: Supplied
The final pieces of the redevelopment of the massive former CUB brewery site on the northern edge of Melbourne’s central business district are falling into place with listed Singaporean developer Chip Eng Seng offloading a major slice of the property for $64.8 million.
The group won approval for more than 1000 apartments last year from former Victorian planning minister Matthew Guy ahead of the election of the Labor government that has signalled a more modest approach to approving super tall towers.
The site, known as 8 Bouverie Street, Carlton, was marketed as Melbourne’s largest approved and permitted development site.
The 2927sq m site consists mainly of vacant land and includes a two-storey heritage building shell. It is on the corner of Victoria Street and Bouverie Street. Chip Eng Seng had won approval for a 72-storey, 1035 apartment high rise development.
The sale also shows the leap in values as the Singaporean group had bought the site two years earlier from private developer Grocon for $32m.
The latest Chip Eng Seng sale was handled by Colliers International’s Trent Hobart and Bryson Cameron.
Grocon has been carving up and developing parts of the 1.6ha former brewery site ever since it bought it in 2006 after paying RMIT about $39m.
Last September, The Australian reported that a large chunk of the former CUB site bordering the CBD had been sold by Grocon to a mainland Chinese developer for $60m. Earlier this month, a Singaporean syndicate bought the historic Maltstore building on the CUB site for $17m. Both those deals were handled by CBRE’s City sales team.
Near-complete projects include the Swanston Square residential tower. More than 500 units were sold in the block Grocon is developing with the backing of international funds giants Invesco and CLSA Capital Partners.
The sale will allow Chip Eng Seng to focus on its nearby Tower Melbourne apartment project, set to rise from 150 Queen Street. Once built, Tower Melbourne will rise 71 levels and house 555 apartments.
THE AUSTRALIAN MARCH 30, 2015 12:00AM
Save for later
0
Ben Wilmot
Commercial Property Editor
Sydney
Singapore group sells $65m Carlton site
Victoria’s Labor government has signalled a more modest approach to super tall towers. Source: Supplied
The final pieces of the redevelopment of the massive former CUB brewery site on the northern edge of Melbourne’s central business district are falling into place with listed Singaporean developer Chip Eng Seng offloading a major slice of the property for $64.8 million.
The group won approval for more than 1000 apartments last year from former Victorian planning minister Matthew Guy ahead of the election of the Labor government that has signalled a more modest approach to approving super tall towers.
The site, known as 8 Bouverie Street, Carlton, was marketed as Melbourne’s largest approved and permitted development site.
The 2927sq m site consists mainly of vacant land and includes a two-storey heritage building shell. It is on the corner of Victoria Street and Bouverie Street. Chip Eng Seng had won approval for a 72-storey, 1035 apartment high rise development.
The sale also shows the leap in values as the Singaporean group had bought the site two years earlier from private developer Grocon for $32m.
The latest Chip Eng Seng sale was handled by Colliers International’s Trent Hobart and Bryson Cameron.
Grocon has been carving up and developing parts of the 1.6ha former brewery site ever since it bought it in 2006 after paying RMIT about $39m.
Last September, The Australian reported that a large chunk of the former CUB site bordering the CBD had been sold by Grocon to a mainland Chinese developer for $60m. Earlier this month, a Singaporean syndicate bought the historic Maltstore building on the CUB site for $17m. Both those deals were handled by CBRE’s City sales team.
Near-complete projects include the Swanston Square residential tower. More than 500 units were sold in the block Grocon is developing with the backing of international funds giants Invesco and CLSA Capital Partners.
The sale will allow Chip Eng Seng to focus on its nearby Tower Melbourne apartment project, set to rise from 150 Queen Street. Once built, Tower Melbourne will rise 71 levels and house 555 apartments.