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Cbus pays record breaking price for Melbourne site

Property Markets / Transactions

Australia / Melbourne

Mar 19 2018

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Cbus Property has spent $180 million on four sites in Melbourne CBD, in what could be the highest paid price for a city development site. 

The developer may embark on a $1 billion project, which would outsize the Pantscraper building, which the group also purchased for $100. 

150 Queen Street was previously owned by Singapore’s Chip Eng Seng, which cancelled previous plans to redevelop a commercial block into the residential Tower Melbourne, promising to return buyers’ deposits.

A legal dispute with the owner of adjoining property 140 Queen Street, Singapore’s Colonial Range, had ensued, which Cbus Property also bought as part of the deal, along with another at 27 McKillop Street from the same vendor. 

Cbus also bought 423 Bourke Street, adjacent to 150 Queen Street, taking a large chunk of the city block. 

Colliers International’s John Marasco, Bryson Cameron, Matt Stagg and Trent Hobart brokered the deal.

It’s unconfirmed as to whether Cbus Property will develop a residential, office or mixed use facility.



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