Chinese buyer acquires Bourke Street development site for $22 million

A Shanghai-based development company has acquired an office and warehouse building spanning from Bourke Street to Little Bourke Street with approval for a 42 level Hayball-designed apartment project comprising 563 apartments.

The part three level, part single level building has a red-brick façade on Bourke Street that is heritage protected.

The site measures 2,764 square metres and was owned by Australia Post, which currently uses it as a distribution centre.

A permit has recently been issued for the apartment project which would comprise to two towers of 42 and 32 stories as well as 722 square metres of commercial/retail on ground floor, 249 car parks and storage space for around 169 bikes.

It had previously been listed for sale in 1999.

The proposed development is close to the $1 billion Upper West Side four-tower development being built by the Hong Kong-listed Far East Consortium.