ISPT disposes of 250 Spencer Street, Melbourne
ISPT’s Development and Opportunities Fund 1 (DOF 1) has entered into conditional contracts to dispose of the former Age newspaper site at 250 Spencer Street to a subsidiary of Far East Consortium International (FEC) for $75,000,000.
The site comprises a strategic island site of 1.176ha with frontages to Lonsdale Street, Merriman Lane, Little Lonsdale Street and Spencer Street. The site was offered with a master plan approval for 2,994 residential apartments across six towers and car parking for up to 1,807 cars in an off market expression of interest campaign.
The site was purchased by ISPT in May 2007 as part of a larger 1.52ha holding. Having sold down part of the site in early 2010 the balance property provided an opportunity to plan a substantial residential development with various milestones available through to completion including development or opportunistic divestment of various components of the site after successful planning outcomes.