Goh set to make $33m
Melbourne property investor Jimmy Goh is close to finalising the sale of a portfolio of large CBD development sites for more than $80 million - a substantial jump on the $47 million he paid for them separately between 2008 and 2012.
The three properties, which include a large, multi-storey car park in La Trobe Street, cover almost 7000 square metres and are believed to have been sold to two different buyers.
Selling agents Mark Wizel from CBRE and John Marasco from Colliers International would not confirm details but said the sale was in "advanced stages of negotiation". Market sources said interest came from Asian developers or companies representing them.
Many of Melbourne's recent high-rise projects have been built and sold by Asian developers, who filled a gap in the market after Australia's banks tightened finance restrictions on local developers following the global financial crisis.
Mr Goh bought the three sites - 9-23 Mackenzie Street, 224-250 La Trobe Street and 229-241 Franklin Street, all at the northern end of the city - for a total of $47,425,000. None have development permits.
Mr Goh, and investment partner Craig Lenny, bought the MacKenzie site from Melbourne-based developer Drapac for $11.2 million in 2008. He paid $29.2 million for the La Trobe Street site in late 2011.