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WEST MELBOURNE | 385-405 King Street | 23L | 73m | Residential

Laurence Dragomir's picture

As per Mark's article. Images courtesy of Elenberg Fraser.









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Mark Baljak's picture


Aspial seeks quick profit on King Street

Listed Singapore group Aspial Corporation, the developer of what will be Australia’s tallest apartment tower, will sell one of its other Melbourne sites – and take an early profit.

Aspial, through its property development subsidiary World Class Land, will launch the $1 billion Australia 108 tower in February after paying $42.3 million for the Southbank site in January last year.

But it has decided to sell its first Melbourne acquisition, a 10-level office building at 383 King Street, which it had planned to demolish and turn into a mixed-use development with more than 600 units.

A year ago, Aspial paid $41.6 million for the site. Agent Mark Wizel of CBRE City Sales, who is selling 383 King Street alongside colleagues Josh Rutman and Kiran Pillai, said it could now fetch more than $50 million.

“The offering of 383 King Street is a great example of the strategic manner in which many offshore players approach their dealings in Australia – they are commercial and quick to respond to domestic conditions that present as opportunities,” Mr Wizel said.

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Mark Baljak's picture

consigned to history

Haileybury College buys Melbourne CBD office from Singapore-listed Aspial Corporation

Private school Haileybury College looks set to open a city campus after buying a building on Kings Street in a deal speculated to be worth more than $50 million.
The top-end city site at 383 King Street contains a substantial 10-level office on a corner site with 13,136 square metres of unoccupied space.
The property was Singapore-listed Aspial Corporation's first Melbourne purchase.
It acquired the property for $41.5 million in January last year and intended to turn it into a mixed-use development with 600 units.
The sale marks a swift turnover and profit-taking by the Singapore conglomerate.
A caveat lodged on the title lists Haileybury's interests but the school did not return Fairfax Media's calls.
The move by the privately run secondary school - which has campuses in Keysborough, Brighton East, Berwick and Wuqing, China - to open a city campus would be unusual.

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Development & Planning

Wednesday, December 13, 2017 - 12:00
The swirl of development activity in Footscray has found another gear as new projects are submitted for approval, or are on the verge of beginning construction. Two separate planning applications have been advertised by Maribyrnong City Council; their subsequent addition to the Urban Melbourne Project Database has seen the overall number of apartment developments within Footscray in development swell to 40.

Policy, Culture & Opinion

Monday, November 20, 2017 - 12:00
The marriage of old and new can be a difficult process, particularly when the existing structure has intrinsic heritage value. In previous times Fitzroy's 237 Napier Street served as the home of furniture manufacturer C.F. Rojo and Sons. Taking root during 1887, Christobel Rojo oversaw operations though over time the site would become home to furniture manufacturer Thonet.


Visual Melbourne

Friday, August 25, 2017 - 07:00
The former site of John Batman's home, Batman's Hill is entering the final stages of its redevelopment. Collins Square's final tower has begun its skyward ascent, as has Lendlease's Melbourne Quarter Commercial and Residential precinct already. Melbourne Quarter's first stage is at construction and involves a new 12-storey home for consultancy firm Arup along with a skypark.

Transport & Design

Friday, December 15, 2017 - 11:00
Infrastructure Victoria unveiled a new round of research into its larger programme of work dealing with managing transport demand. The authority contracted Arup and KPMG to produce the Melbourne Activity Based Model (MABM) and while it is new, it is considered fit for purpose in the strategic context.

Sustainability & Environment

Tuesday, October 24, 2017 - 12:00
Cbus Property's office development for Medibank at 720 Bourke Street in Docklands recently became the first Australian existing property to receive a WELL Certification, Gold Shell and Core rating. The WELL rating goes beyond sustainable building features with a greater focus on the health and well-being of a building's occupants.