A residential development site in Northcote has been scooped up by listed Singapore developer Chip Eng Seng for $27 million.
The sale of the site at 217 and 221-223 Separation Street, Northcote was negotiated by Direct.
According to The Australian, Chip Eng Seng will apply, subject to planning approval, for the site rezoned for higher density development, with possibly 15 townhouses and 300 apartments.
The 17,857sqm site is set across two properties. The smaller 546sqm block at 217 Separation Street currently features an older home and the larger block features an industrial building, the home of packaging firm NCI.
Earlier this year, Chip Eng Seng sold a vacant development site in Victoria Street in inner-city Melbourne for $64.8 million, double the price it paid for the site two years ago.
Image of Northcote by Helefran @ Flickr
