// Saturday, 2 May 2015
An investor has snared a future development around the Crown Casino in Southbank, which was offered with a planning scheme for an apartment building with 60-plus levels.
The 268-274 City Road property sold for more than $20 million, according to sources, following a campaign managed by Luke Conquest, whose office was recently rebranded Conquest Estate Agency.
On 1431 square metres, the site amalgamates three properties, including one leased to nightclub the Fabrique Bar. The sale price is considered healthy, given two of the properties have leases active for up to seven years, limiting short-term development potential.
Mr Conquest confirmed the sale but declined to comment on any other part of the deal.
The property is across the road from an eight-level Crown Casino car park, meaning future occupants of any proposed tower at 268-274 City Road will enjoy north-facing view security of the city skyline (unless the casino ever takes advantage of its airspace).
Mr Conquest's sale comes months after he sold a 1109-square-metre block at 81-87 City Road for $18 million to a builder. Last week, following a campaign by another agency, a developer paid a speculated $14 million for a 972-square-metre site at 42-48 Moray Street, Southbank.
Nearby, a 1280-square-metre site at 295 City Road is the subject of an 81-level, 532-unit residential planning application.
Source: Capital Gain - Business Section of The Age