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Citipower spends $23m plus to owner-occupy prime Fishermans Bend site

People & Companies / Latest News

Australia

Feb 24 2017

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Marc Pallisco, The Sydney Morning Herald

Citipower has paid commercial real estate agent Michael Donovan more than $23 million for a South Melbourne sub-station the electricity supplier has leased since 1965.

In an unusual property play, Citipower had to compete against developers for the Fishermans Bend site which ballooned in value in mid-2012 when former planning minister Matthew Guy rezoned the area for high density apartment redevelopment.

Go to The Sydney Morning Herald and read the full story.

SOURCE: The Sydney Morning Herald

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