Savills sells Southbank Fender Katsalidis tower site for $8.8 million

A Hong Kong based developer has paid $8.8 million for a Southbank development site.

It comes with plans for a $80 million Fender Katsalidis designed, 38 level residential tower.

Savills agent Nick Peden brokered the 18 Moray Street deal with Clinton Baxter and Jesse Radisich at $20,000 a square metre of land and $70,000 per apartment.

"The sale set a strong new benchmark for Southbank land," Peden said. 

“The transaction clearly demonstrates the ongoing appeal of the Melbourne market to Asia-based developers wishing to undertake projects to meet the needs of our rapidly growing population, and the price reflected that."

The 446 square metre corner site had a permit for a 124 apartments.

The sale was finalised promptly on unconditional cash terms and subject to two short term leases returning $120,000 per annum net.

He said the site was one of the last major permit-approved development opportunities within the prized Crown Casino precinct.