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Posted: 2017-11-17 00:00:00

Melbourne’s children are set to become the world’s happiest following a local developer’s purchase of a permit-approved mixed-use development site in South Melbourne for more than $60 million.

Little Lane Early Learning Centre has secured the landmark allotment at 68 Buckhurst Street, which measures almost one hectare (9,356sq m), with the intention of building the “world’s best early learning centre in the world’s most liveable city”.

The permit-approved site is also ready to stage a mixed-use project comprising 1,004 Fender Katsalidis-designed apartments, plus additional retail and commercial space across four towers.

Savills Australia’s Benson Zhou, Nick Peden and Jesse Radisich, in conjunction with Colliers International’s Bryson Cameron, Trent Hobart and Hamish Burgess, brokered the deal on behalf of the Botree Group.

“The strength of the permit was evident during this campaign,” Mr Zhou said.

“All vendors, purchasers, lawyers from both side and agents were in the same meeting room from noon until midnight and after 12 hours of negotiations, we finally shook hands.

“The plan is to engage a world-renowned architect to design the early learning centre, as well as incorporate facilities like an indoor swimming pool and indoor rock climbing wall.”

Mr Zhou said the developers who had competed for the landholding recognised the growth opportunities in the South Melbourne precinct.

“The government continues to invest heavily in the immediate area, with the construction of a new school and a large-scale park directly adjacent to the property,” he said.

Mr Cameron said the freehold represented “a unique opportunity to create a ground-breaking development in one of Melbourne’s best precincts”.

“This was a competitive campaign, illustrating the continued strength of the development market,” he said.

Mr Cameron said the size and high-profile location of the site was reflected in the sale price.

“At nearly a hectare of land and less than one kilometre from the city, this was truly a rare offering,” he said.

“The site is surrounded by every conceivable amenity, including close proximity to the Crown Entertainment Complex and an abundance of South Melbourne retail.”

Mr Zhou said Chinese and local developers continued to inject capital into Australia’s commercial marketplace, particularly the Melbourne CBD, despite recent noise surrounding money restrictions and an oversupply of apartments.

“Melbourne is streaking ahead as the premier destination for lifestyle, employment and tertiary education, and will soon become the go-to for early learning and childcare, too,” he said.

Learn more about Savills Melbourne CBD & Metropolitan Sales services.

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