The slump in the apartment development market has taken another scalp with the sale of the much anticipated Mayfair project site at 412 St Kilda Rd.
Developer UEM Sunrise acquired the site in August 2015 for $58M and obtained approval for a 158-unit development on pitched to wealth downsizers with prices ranging from $823,000 to $13.1 million.
Unable to attract sufficient pre-sales UEM have reportedly sold (subject to DD) the site to SC Capital for $104M.
The site still contains the 21 level commercial building previously fully leased to the Victorian Police, providing 16,285sqm of NLA plus car parking. The Police vacated in 2016, paving the way for the redevelopment.
If the sale proceeds, it is likely SC Capital will undertake minor refurbishment works and release the property as a commercial asset.
The deal was managed by Colliers.
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