Orion Holdings, a Chinese developer, has purchased a fiercely contested development site in Maribyrnong.
For a cost of $9.25m AUD, Orion Holdings outbid and outfought both local and overseas buyers for the lot.
Sized at 3,871sqm, and located at 2 Wests Road, Maribyrnong, it is sure to house some new developments soon, as it is located only moments from Highpoint Shopping Centre, public transport and cafes.
The deal was negotiated by CBRE's Mark Qizle, Ed Wright and Jamus Campbell, and was sold with a vacant possession.
Mark Wizel, a member of CBRE's Victorian Development Site, said "this sale represents the second suburban development site to be acquired by an off shore Asian group in as many weeks, further highlighting the demand from off shore groups for well-located development opportunities in well-established residential suburbs around Melbourne."
Despite recent Governmental pressure for foreign-buyers to avoid buying in Australia, or at least to make more restrictions to the process, it seemingly hasn't stopped interest flooding in from foreign markets and investors.