After acquiring 420 St Kilda Rd from funds manager Vantage Property Investments for about $98m in May, parties associated with the Mars Family have now acquired the site directly opposite the Kings Way at 424-426 St Kilda Rd.
The property was sold by a Chinese developer, Woodlink who had proposed the development of an 18-level mixed-use building nearly three times the current height with 163 apartments and 176 hotel rooms.
The purchaser will pay approximately $70m for the 4,645sqm site providing Woodlink a gain on their acquisition price of $45m in 2014.
The current property contains 20,964sqm of floor space but remains 85% vacant as Woodlink emptied the building in anticipation of redevelopment.
CBRE acted for Woodlink in the transaction.