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Richlister Lloyd Williams sells head office for $11m to hotel developer

Five-time Melbourne Cup winner and BRW Rich Lister Lloyd Williams has sold the Southbank premises of his property development outfit Hudson Conway for $11 million to a mainland Chinese company.

Mr Williams, who picked up a record-breaking fifth Melbourne Cup crown last year with Almandin, had sought to develop a 40-storey apartment tower on the 832 square metre site at 250 Sturt Street, but had the plans rejected by Victorian planning minister Richard Wynne in 2015.

With a scaled down 16-level permit for 91 apartments in place, the two-level head office has been sold to developer Tiang Long Australia Investments Group for $10.9 million. Company records show Tiang Long's sole director and shareholder is Melbourne-based YongQing Xu.

The Australian Financial Review understands the new owner intends to develop a hotel on the site, which is next door to the headquarters of the Melbourne Theatre Company.

Read more: http://www.afr.com/real-estate/commercial/development/richlister-lloyd-w...

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