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THREE private investors are looking to cash in their development site in Southbank, which comes with approval for a high rise residential apartment tower.

Conquest Dowlings director Luke Conquest has been appointed to sell the amalgamated site at 268-274 City Rd Southbank on behalf of the three adjoining owners.

The site is being sold by expression of interest closing 14 April.

Located behind the Crown Melbourne Complex, the site is within the Capital City Zoning and has a total land area of 1,431 sqm.

"Conquest Dowling's have successfully secured three adjoining owners within the highly desirable apartment precinct of City Rd Southbank to jointly market their sites.

"The site is offered with a proposed development scheme for 527 units (STCA) designed by renowned architects RotheLowman," Conquest said.

The site is expected to be hotly contested, given its prime position behind Crown. Late last year, James Packer's Crown Resorts chipped in $50 million into a joint venture with Schiavello Group to build a $1 billion luxury apartment, five star hotel and office development.

Crown bought the four adjoining land parcels on Queensbridge St, which is opposite the Crown Melbourne complex.

"Given the scarcity of underdeveloped sites within this location of a sizeable nature, 268-274 City Rd offers buyers the chance to secure one of the few remaining sites over 1,000 sqm in City Rd Southbank, whilst taking advantage of recently approved high density neighbouring developments.

"Subject to buyers interest there is also an opportunity to hold these premises with a steady income stream whilst looking to develop in the future," Conquest concluded.


Property Review Australia