after almost two years, it's been approved
Lonsdale car park for sale, with high rise approval
Melbourne’s booming CBD residential development market will be tested with the offer of a car park site that comes with a planning permit for a $480 million tower.
The 3165 square metre site at 380 Lonsdale currently hosts a 445 bay commercial car park, 5130sq m of office space, along with ground level retail tenancies.
The property is owned by private firm VIP Glomac, which is controlled by a veteran Malaysian investor and property developer, Kiam Thiam Lim.
The $40 million-plus piece of real estate has considerable development upside, recently gaining a permit for a 46-level mixed use development.
The approved project comprises 627 apartments and ground level retail. The owner has also won the right to develop a 445-bay commercial car park, in addition to residential parking.