La Trobe Street high-rise development opportunities
Savills have listed a Melbourne CBD development site with a permit for a twin tower project incorporating 400 apartments.
It is likely to fetch more than $20 million.
The 212-222 La Trobe Street property, comprising a large 942 square metre site zoned Capital City 1 with five street frontages, is located directly opposite Melbourne Central shopping centre.
The recently approved permit would see the construction of connecting Jackson Clements Burrows-designed towers of 39 and 54 levels on the site which stretches through to a second frontage on Little La Trobe Street.
According to Savills agent Nick Peden and Clinton Baxter, the property offers the single best redevelopment opportunity to be offered to the Melbourne market this year.
The property, which has been privately owned for 31 years.
Expressions of interest close June 10.
Last year $14.1 million was paid for the Duke of Kent hotel with the Singaporean developer then quietly acquiring the neighbouring office building and applied to replace both sites with a 67-level apartment tower.
Fig Tree Holdings' super-thin proposal, which aims to fit 370 flats on a 663-square-metre site, needs approval from Planning Minister Richard Wynne before proceeding at 293-303 La Trobe Street.
On 502 square metres at 293-299 La Trobe Street, the hotel was held as an investment by the Yankos family for 50 years.