Melbourne Developer Ben Anderson of Future Estate has pocketed a cool $8.8 million dollars in three years after selling off its Coburg Quater project at the old Pentridge Prison, for $12.8 million by Golden Sunrise Developments.

The developer purchased this particular parcel three years ago for $4 million as a distressed asset form receivers. The site has included an uplift in the form of a permit which has been granted by council and includes 294 apartments over two buildings. 

Mr Anderson said it showed sustained residential growth and increased buyer demand in Coburg.

“Inquiries are at an all-time high and unlike other suburbs in Melbourne’s inner ring, appetite for a quality apartment product is still strong in Coburg,” he said.

“Our decision to sell this portion of the site was motivated by our desire to trigger development across the wider precinct and stimulate activity in the local area.

Original Article & image sourced: realestate.com.au