Listed investment and development group Abacus property have secured a large 4000 square-metre site at 512-544 Spencer Street, in West Melbourne.
Abacus has secured the site under a joint venture agreement with two local development groups on a reported two-year settlement. The price is yet to be disclosed.
Abacus and its joint venture partners are moving quickly to get their plans in place for the Spencer Street site.
Already the partners have submitted an application for a medium-density mixed-use project on the site.
Their proposal is based on a single eight-storey building, rising to almost 30 metres.
If approved it will include 207 apartments, along with a supermarket and other retail tenancies. The overall development will comprise more than 62,000 square metres.
While Abacus brings its financial strength to the joint venture on Spencer Street, it also has considerable development experience in its own right.
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