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Home / Real Estate / Commercial SAVE ARTICLE |
REPRINTS & PERMISSIONS
Developer buys last Pentridge Prison sites
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Aerial view of the Pentridge development site in Melbourne.
by Nick Lenaghan
Melbourne-based property developer Future Estate has snapped up the remaining undeveloped lots around Melbourne's former Pentridge Prison. The site around the well-known prison, which finally closed down in 1997, was the subject of discussions at the recent at the royal commission on unions. It was put on the market by its receivers, FTI Consulting. Included in the 3.7-hectare property are the former prison's D Division and its laundry, along with a small retail component and a partly developed commercial element. The site sold for about $27 million. In all, the transaction includes 12 sites ranging from 1670sqm to 5618sqm, as well as 10 retail properties and eight partly completed retail shells. It also incorporates 161 former prison cells. "The strong ongoing net migration to Victoria and Melbourne has created significant interest in residential and mixed-use development sites generally, particularly in the inner suburbs," said CBRE's Mark Granter, who handled the transaction, along with colleagues Justin Clarkson, Scott Orchard and Duncan McCulloch.
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