An office building in the Central Business District (CBD) in Melbourne could soon become a tower of luxury apartments.
The Age reported that the property had been bought by a residential developer, Pace Development Group, after reaching a deal with agents at CBRE and Jones Lang LaSalle.
Prior to that, it was owned by the Australian Institute of Management who used the tower as its headquarters for 20 years. Now it has chosen to relocate to a more central part of Melbourne's CBD so that the company can be closer to its clients.
Meanwhile, Pace says it hopes to potentially turn the tower into a ten or 12 floor building with apartment views looking towards the CBD.
Within the current climate in Australia's property market, now is a good time for developers to construct new housing.
At present there is a new precinct being planned for construction in Victoria known as Fishermans Bend, which is expected to house 80,000 residents.
Posted by Craig Francis