Abacus Property Group has sold its Doncaster development site to the Chinese group Jinshan Investments for $22.6 million.
The site at 682-684 and 686 Doncaster Road is 300 metres from Westfield Doncaster.
The 4245-square-metre parcel of land is approved for 296 apartments.
It has a permit for an 11-storey building and 519 sq m of retail space.
Jinshan is best known for its controversial acquisition of Melbourne's Palace Theatre, formerly the Metro Nightclub, with plans of turning it into a Starwood W Hotel.
The listed investor Abacus Property Group, with its joint venture partner Crema Group, expected $20 million-plus offers, the Australian Financial Review suggested last month for the residential development site perched on Doncaster Hill, in the heart of Melbourne's leafy eastern suburban belt.
Their permit allows for an 11-level building, designed by Peddle Thorp Architects.
The syndicate paid $11.55 million in April last year, then $5,225,000 in March this year for next door.
