South Melbourne sets a ‘new benchmark’

The event was reportedly well attended with a who’s who of Melbourne development sector in the crowd. Title deeds show the property was owned by Peter McQueen’s Palmerston Property Development. Mr McQueen paid $6 million for the building with a 2.5 year settlement, which took place in March 2019.

Manda Capital held the mortgage on the two-storey property which is on a 592sqm site. The bumper price ensured all parties got their money back.

Mr Baxter said ‘‘The sale set a new benchmark for the value of inner suburban development sites and demonstrated that the market has well and truly rebounded from its 2018-19 slump.’’

Pallas Group director Charles Mellick said it will become the site of a new $38 million nine-level building housing the group’s Melbourne headquarters and renamed Pallas House.