Kornhauser apartment site in South Yarra sold to Chinese developer

Kornhauser apartment site in South Yarra sold to Chinese developer
Kornhauser apartment site in South Yarra sold to Chinese developer

The Kornhauser family has sold a South Yarra office building.

A Chinese developer paid $5.5 million for 72 River Street.

CBRE had five bidders who started at $3.5 million and went up in $500,000 increments.

There were three Chinese bidders.

It sold at $500,000 over reserve.

It was sold by Machpaela Pty Ltd, a company controlled by the Kornhauser family.

It paid $3.77 million in 2007 for the 400-square-metre site that came with a permit for 22 apartments.

Jonathan Chancellor

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.

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South Yarra Commercial Sale

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