Kuwaiti Sheikh, businessman, Mubarak Al-Sabah has sold a notorious waterfront Port Melbourne block after 18 years and two failed redevelopment attempts.
The 5487 square metre parcel, 1-7 Waterfront Place, found favour with Casa, the Grollo family’s build to sell apartment arm, following an off-market deal last year worth over $70 million, according to sources.
It came permit-ready for 126 dwellings over 10 levels – twin seven storey buildings above a three floor podium. Townhouses also form part of the proposal.
The Vendor, via Action Group Holdings, outlaid $20m.
It was represented for the sale by Melbourne Acquisitions’ Dom Gibson.
The Deal comes 21 years since Mirvac won a a state government tender to replace 1-7 Waterfront Place with a gym and childcare – part of the Beacon Cove Project.
Instead in 2007, Mirvac sold it to AGH which in 2012, failed to win approval to add a 19 Level apartment complex.
In 2017, AGH submitted plans for the 10 storey project – also with 732 sqm retail and 1170 sqm gym.
This project was set to be decided by the Victorian Civil and Administrative Tribunal before then planning minister, Richard Wynne, called it in.
Casa is set to refresh the design.
It is already marketing apartments for pre-sale.