Melbourne welcomes Meriton
Meriton has acquired 140 King Street near Southern Cross Station where he will develop a Meriton Suites apartment hotel to expand his offering across the east coast.
The site was previously owned by Sydney-based Besgate Group who abandoned plans to develop three properties amid a weakening Melbourne apartment market. According to the SMH Besgate paid $10m for the site in 2016.
A planning permit for the site was issued by the State Government in October 2016 despite opposition from the City of Melbourne. The approved development scheme comprised a 59 level tower with 25,910sqm of GFA containing 271 dwellings.
The site was offered for sale in mid 2018 by Colliers and CBRE. According to the AFR Meriton are paying $29M for the site, equating to 107,000 per approved apartment.