Owner of VRC Oaks winner buys Melbourne development site
Yueshang Zhang, the owner of yesterday’s VRC Oaks winner, is quietly buying a Melbourne CBD site until recently the subject of an 83 level redevelopment.
The Mangalore based businessman, via Yulong Investments, is paying a speculated $60 million for 368 Elizabeth Street and 260-274 La Trobe.
Landream, the seller, outlaid $36m in 2014.
The buildings are opposite Melbourne Central.
Mr Zhang owns six other Victorian properties – all farms – including Yulong Stud near Nagambie, birthplace of Black Caviar, Riverview Park, Chatsworth Park and Islay Vale, at Diggers Rest, and Yulong Park at Bayles.
Yesterday, his Matt Laurie trained filly, Treasure the Moment, won the G1 Crown Oaks, also known as VRC Oaks, its fourth win from four starts.
Prime corner
Cushman & Wakefield’s Oliver Hay, Daniel Wolman and Leon Ma sold the Elizabeth and La Trobe street buildings – three and six levels with ground floor Hungry Jack’s restaurant and offices above – a total 5680 square metres (story continues below).
The sale price reflects a 4.53 per cent yield.
Plans to replace the 1518 sqm site with an apartment tower hit a snag given restrictions by the federal government’s aviation authorities.
That said, the property still has significant development upside.
The disposal comes seven months since Landream, again via Mr Hay, Mr Wolman and Mr Ma, sold another CBD development site – 96-106 Franklin St – for $67.375m including GST to Brookfield Asset Management which is planning a 1013-bed student accommodation investment.
Landream paid $28m for that 1693 sqm block in 2021 with plans for build to rent asset it would have held with Alt Living.
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