Deague Group buys development site in South Melbourne for $24.65 million

The Deague Group, which rebranded itself from Asian Pacific Group, has bought a city fringe development site in South Melbourne for $24.65 million with permit for a seven-level commercial project.

The Melbourne-based family owned property developers bought the site at 81-109 Moray Street from a Monaco-based vendor, according to The Australian.

The site area is 4,057 sqm and has a Rothe Lowman-designed office permit.

Plans are afoot for a $150 million office project next to its existing business park. The building is expected to have reflection gardens and a gym.

The Deague family claims a property development tradition in the state that dates back to 1859.

The building will also include a handful of hotel rooms for tenants or  visitors to stay in the city after an evening work function. 

“We want to make it something a bit different to the standard offices going up all over town,” Deague Group chief executive Will Deague said.

The selling agents were Julian White, David Minty, Chao Zhang and Sandra Peluso from CBRE and John Pratt and Simon Regan from Dixon Kestles.

The property was marketed through an expressions of interest campaign.