SP Setia buy Prahran site
Jonathan ChancellorDecember 7, 2020
The Malaysian property grouo SP Setia has spent around $10 million on an 850-square-metre development site in Prahran, Melbourne.
The 103-105 High Street site is close to Chapel and Greville streets.
It came with approvals for a seven-level mixed-use project with ground-floor retail, an office floor and 63 car spaces.
It is SP Setia's fourth land purchase in Melbourne.
Colliers International's Hamish Burgess marketed the property.
The site's private seller bought it for $6.2 million in 2014, realising more than 60 percent in return, selling at a unit rate of $212,766.
The architects Rothelowman are working on the project.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.