Grocon Sells Last Remaining CUB Development Site

Grocon has sold its last remaining development site in the former Carlton & United Brewery precinct, which was purchased from RMIT more than a decade ago, for more than $20 million.

Colliers International’s Trent Hobart and Bryson Cameron have sold 557-591 Swanston Street, Carlton on behalf of Grocon, in conjunction with CBRE’s Mark Wizel.

Mr Hobart said the sale occurred in a short timeframe with multiple parties vying for the opportunity via an off-market expressions of interest campaign.

Grocon has been awarded a planning permit for one of Melbourne’s last premium apartment projects at 85 Spring Street, in effect rendering the 557-591 Swanston Street surplus to the company’s current development requirements.

“The Swanston Street site in Carlton – situated between the world renowned RMIT and University of Melbourne precincts on the border of the Melbourne CBD – is an absolute prime location for residential developers, university operators and student accommodation providers,” Mr Hobart said. “All three of these buying groups were in strong competition throughout the off-market campaign.”

Student accommodation provider Scape Student Living, backed by APG, was the eventual buyer of the site following an intensely competitive sale process.

Colliers International's residential site sales team has worked closely with Scape for an extended period, having sold sites to them nationally. Scape has secured three of Melbourne’s premier development sites over the past two years following a focus on trophy locations on the doorstep of a university. The company is planning more than 2,500 beds for these three sites.