Aspial buys third Melbourne property this year

ASPIAL Corporation continues to expand its presence in Australia with its third Melbourne property purchase this year.

The property, located at 54-64 A'Beckett Street, was acquired by its newly set up subsidiary, WCL-A Beckett (Vic), from City Light Properties for A$26.8 million (S$31.2 million). The price took into consideration its location and development potential.

The freehold low-rise building sits on a 1,295 square metre (about 14,000 square foot) plot. The property currently has an active planning permit for a new 49-storey tower, comprising residential apartments, serviced residence and retail shops.