Salta Properties has sold a prominent development site in Port Melbourne to a developer for $2.24 million, in an off market deal negotiated by Gray Johnson director Matt Hoath.
The property at Lot 24, 316-320 Lorimer Street was purchased by Remirol.
Remirol has plans to develop three office-warehouses on the site, which has an area of 3,736 sqm and a frontage of 40 metres.
The property has a Business 3 zoning. One of the three planned units is subject to a pre-commitment while the remaining two will range between 540 and 860 sqm.
Hoath said that the purchased site is virtually opposite the Pier 35 Marina on the lower River Yarra.
“Remirol has completed several previous projects in the Port Melbourne area and have a good understanding of market expectations.
“The units are expected to be sold for owner-occupancy and expressions of interest in the two office warehouses remaining in the proposed development are welcome,” he added.
By Nelson Yap
