Places Victoria sells 500-apartment site in Footscray to HK investor

Places Victoria, the state government’s property development agency, has sold a 9,000 square metre development site in Melbourne’s inner western suburb of Footscray to an off-shore developer for an undisclosed sum.

Places Victoria purchased the site, around five km from Melbourne’s CBD, in May 2011 for $11.5 million. According to places.vic.gov.au, the buyer is an investor from Hong Kong.

The 2/52 Cowper Street property was sold with a development scheme comprising up to 500 apartments over four, 8-14 level towers with 454 car spaces and ground floor retail. 

The 9,052 square metre corner site with 180 metres frontage was sold vacant, cleared and ready for construction.

According to selling agents, Savills’ directors, Julian Heatherich and Nick Peden, the expressions of interest campaign attracted interest from a range of prospective buyers, including syndicates and funds and local and off-shore investors and developers.

“Melbourne‘s nation leading population growth and most liveable city status are obvious drivers along with the influx of huge amounts of foreign capital which has forced local investors and developers into a very competitive market,” said Heatherich.   

The elevated site offers the potential for uninterrupted CBD views and is close to Footscray Railway Station and retail outlets, added Peden.