Strip club The Men's Gallery has become the last freehold property in the western end of Lonsdale Street not owned by residential developers, who have now acquired nearly the entire block between Spencer and King streets.
Far East Consortium recently paid $10 million to buy the Citywide Service Solutions building next door to its mammoth Upper West Side apartment complex, providing it with a further 1000 square metres for expansion.
The deal leaves The Men's Gallery on the southern corner of King and Lonsdale streets the only freehold site in the precinct not controlled by Far East Consortium or Central Equity.
A representative of the adult entertainment venue declined to comment, but Fairfax Media understands that no offers have been made on the property by developers.
That block of Lonsdale Street is already set to become home to more than 6500 apartments, making it one of the most dense concentrations of high-rise residential towers in the city.
Street cleaning company Citywide, which is owned by Melbourne City Council, had listed the 1072-square-metre site at 605-611 Lonsdale Street for sale with an asking price of $10 million. Title records show the buyer is UWS 5 Pty, a subsidiary of Far East Consortium.
The only other building not controlled by developers along the 200-metre strip is Lonsdale Court, a strata-titled office building located on the northern corner of King and Lonsdale streets.
Hong Kong-based Far East Consortium did not respond to a request for comment.