Developer Grocon has offloaded the last portion of its Carlton and United Brewery development site – the scene of the infamous 2013 wall collapse that killed three pedestrians – to a global student accommodation provider for $20 million.
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The sale of the brewery land to Scape Student closes a chequered chapter in Grocon's development history.
Founded by Italian immigrant Luigi Grollo before being handed over his son Daniel, Grocon bought the former brewery site in 2006 from RMIT University for $39 million.
The group swiftly launched plans for a sweeping urban regeneration project that would transform the derelict brewery on the northern edge of Melbourne's CBD with buildings up to 66 storeys, a supermarket and large open spaces.
But the site was slow to yield actual buildings with the first arriving six years later in the form of the 10-storey RMIT Design Hub on corner of Victoria and Swanston streets.
A year later, Grocon became embroiled in a deadly tragedy when a portion of hoarding wall on Swanston Street collapsed, killing three passing pedestrians.
The company was fined $250,000 over the incident after it pled guilty to a workplace safety charge.
Soon after Grocon announced it had sold a portion of the site in Bouverie Street to a Singaporean developer for $32 million.
Other sales followed with Chinese developer Xiang Xing taking a large chunk for $58.3 million last year and the historic Maltstore building selling for $17 million.
Scape Student this week took the group's final land holding.
Colliers International's Trent Hobart and Bryson Cameron sold the site in conjunction with CBRE's Mark Wizel.
The Dutch-backed, London-based student group is making serious moves into Melbourne's accommodation market.
The CUB purchase is its second in two months after it paid a record $35 million in June to buy two office buildings between La Trobe and Little La Trobe streets just behind another development site it owns at 393 Swanston Street which has a permit for 750 studios in a 45-level tower.
Scape has a 2500-bed operation in Britain backed by the $800 billion Dutch pension fund APG.
Grocon's CUB site
2015: Scape Student living buys Grocon's last parcel for $20 million
2015: Singaporean syndicate buys historic Maltstore building for $17 million
2014: Grocon was fined $250,000 over wall incident
2014: Chinese developer Xiang Xing buys 6600 square metres for $58.3 million
2013: Chip Eng Seng buys 8 Bouverie Street for $32 million
2013: Grocon charged after wall collapse kills three people
2013: Grocon proposes $290 million William Barak tower
2012 RMIT Design Hub opens on corner of Victoria and Swanston streets
2006: Grocon buys CUB site from RMIT for $39 million
