Artist’s impression of the future development at 308 Exhibition Street, Melbourne. (Photo: S P Setia)
Malaysia-based S P Setia Berhad announced on Friday (29 April) that it has secured a prime site in the upper east-end of Melbourne’s central business district (CBD) for A$101 million.
This is the property developer’s fifth acquisition in Australia, and comes right after another acquisition in Melbourne just two weeks ago.
Located at 308 Exhibition Street, the approximately 44,563 sq ft site was acquired from Australian telecoms giant Telstra in a highly competitive expression of interest exercise.
“This is the largest east-end CBD development site (in Melbourne) to be sold in over a decade,” said Dato Khor Chap Jen, President and CEO of SP Setia.
He added: “This development will boast a combination of multi-level retail, prime A-grade office space and luxurious apartment towers.”
The site is situated close to universities, government buildings, hospitals and public transport networks, such as trams and bus routes.
The A$640 million development is slated to be launched in the second half of 2017.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
