Asian investor to spend $95m on Melbourne residential site

An Asian investor is reportedly in negotiations to spend more than $95 million on a 24.3 hectare residential site in Yarraville, in partnership with a local developer.

The former Bradmill denim factory is being sold by former Carlton football club vice-president Colin De Lutis, who bought the site in 2007 for a reported price of $7 million.

It was rezoned to residential and named Yarraville Gardens in 2011 and a master plan for 1500 dwellings was developed by Peddle Thor Architects.

The plan comprises a mix of townhouses and apartments.

In July CBRE suggested the site would sell for more than $100 million.

It is being sold by CBRE agents Mark Wizel and Justin Dowers. In July they tipped it would likely sell to an Asian developer.

“There is little doubt that while off-shore Asian developers remain the most active buying group for large inner city sites with residential development potential, Yarraville Gardens is also expected to generate significant interest from the domestic private and institutional development market,” Wizel said in July.

The Australian Financial Review reports De Lutis will retain 2 hectares which has approval for a 10,000 square metre shopping centre and a library.