Almost every buyer in freeway affected Evo to sell to government in circa $90m deal

The Victorian Government will buy almost every apartment in the Evo development in Parkville which will be surrounded by off-ramps from the East West link.

Of the 158 off-the-plan investors in the building, a reported 156 have taken up Linking Melbourne Authority’s offer to buy their apartments before settlement.

The remaining two will either sell with 90 days of settlement or keep the apartments and apply for compensation later.

Those who accepted the plan now have to wait for the valuations of the apartments which are due by next Thursday.

The LMA says the valuations will be unaffected by the impending East West link construction.

It is also in negotiations with the developer to buy the remaining 17 unsold apartments.

The buyback will reportedly cost somewhere in the vicinity of $90 million.

Buyers in the Pace Development Group had been demanding action from LMA after plans for the massive freeway development revealed the tower would literally be surrounded by off-ramps up to five-storeys high.

Earlier this month LMA offered buyers three compensatory options.