Buxton Buys St Kilda Development Site

by Marc Pallisco

June 28, 2010

MELBOURNE-based developer Buxton Group has been revealed as the buyer of a prominent St Kilda development site near the Acland Street shopping strip.

The group is believed to be paying about $7.5 million for a 1000 square metre site at the corner of Barkly and Belford streets previously occupied by the Vasiliki lobster shop and Earls Hardware.

The site was sold with a permit for a $50 million, five-level tower with about 84 units but it’s believed Buxton may propose a higher density redevelopment, a practice which is becoming increasingly common all around Melbourne.

The selling agents, Beller Commercial’s Fred Nucara and Andrew Fawell, and Gross Waddell’s Jonathon McCormack and Michael Gross declined to comment. Buxton director Richard Buxton was unavailable.