Malaysian property developer Mammoth purchases North Melbourne site

Malaysian developer Mammoth has paid $12.3 million for its third development site in Melbourne.

It is a 2,271-square-metre site on Wreckyn Street in North Melbourne which was sold by the veterinary organisation, Lort Smith Animal Hospital.

With 10 bidding parties, the $5,416 a square metre sale price was a new record for a pure land acquisition in North Melbourne. 

However earlier this month, a Chinese investor with unknown intentions paid $6,358 a square metre when paying $13.2 million for a 2076 square metre office building block at 13-21 Bedford Street, North Melbourne. 

Mammoth’s 55-level MY80 Elizabeth Street with 487 apartments is due for imminent completion.

Empire, its second high-rise apartment block, with 474 apartments over 61 levels, is due for construction commencement with 60 remaining for purchase.

The delayed settlement sale was through CBRE with Charter Keck Cramer acting as the transaction ­manager.