Buxton-backed developer buys Melbourne apartment site
Andrew Buxton backed apartment developer Valli has swooped on an inner-city Melbourne site ahead of the launch of an expressions of interest campaign.
In Fitzroy, 430-444 Brunswick Street, on the north east corner of Cecil, beside the historic Royal Derby Hotel (Google Street View image, top), the 1391 square metre Commercial 1 zoned parcel is speculated to be costing around $10 million.
A tower of over 10 levels could be considered, according to sources.
The parcels are a few hundred metres from a Collingwood site, 224-228 Smith St, Valli is seeking to replace with a 12 storey complex with 31 dwellings over offices and retail.
The group also owns East Melbourne’s historic Dyason terrace, on 473 sqm, earmarked for seven whole floor dwellings.
Another residential based proposal, in Brunswick East, has been on its book since 2023.
Andrew and his brother Michael established commercial real estate investor and developer MAB in 1995 (story continues below).
Pre-EOI buy
Valli secured 430-444 Brunswick St during a pre-marketing stage; an expressions of interest campaign was set to start this quarter.
Teska Carson’s Luke Bisset represented the vendors which paid $535,000 in 1985.
JACX was transaction manager.
This pocket of Fitzroy, near Alexandra Parade and the Fitzroy North border, is about four kilometres from town.
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