VIC: Pub sale, 293-299 La Trobe Street, Melbourne

A PRIME development site, the Duke of Kent hotel, in central Melbourne has sold for $14.08 million.

Singaporean developer Fig Tree Holdings purchased the site.

There is already a preliminary development scheme for the property, undertaken by Urban Pty Ltd, for 322 apartments and ground floor retail.

"This acquisition is in line with our company strategy to secure and develop signature buildings in strong overseas markets," Danny Siaw, Figtree’s managing director, said.

The agent, DTZ’s Richard O’Callaghan, said there was still strong demand for development sites from offshore and local developers.

PRICE: $14.08m
BUYER: Fig Tree Holdings
SELLER: Private investor
AREA: 503sq m
AGENT: Patrick O’Callaghan and Richard O’Callaghan, DTZ

Source:  The Australian - 27 August 2014