Poly buys Richmond Hill townhouse development site
Jonathan ChancellorDecember 7, 2020
Chinese mega developer Poly has bought a development site on Richmond Hill in Melbourne's inner east.
It will develop a luxury townhouse project after the $16 million acquisition.
Poly Real Estate, a Shanghai-listed subsidiary of the $120 billion China Poly Group, is one of China's biggest developers and conglomerates.
The 2047-square metre site is at 150-152 Bridge Road and 1-3 Allowah Terrace.
It was marketed with a townhouse scheme of 41 dwellings.
The Richmond Hill site sold in September last year for $11 million then back on the market prior to settlement.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.