750 Elizabeth Street, Melbourne

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Cars out, students in

DEVELOPMENT activity around the frantic Haymarket roundabout, where Elizabeth Street meets Flemington Road, is about the increase. A student accommodation developer is believed to have paid about $5.6 million for the City Peugeot dealership at 690 Elizabeth Street, near the corner of Pelham Street.

The double-storey tenancy to City Peugeot and City Subaru, which will soon moved to Port Melbourne.  It is expected the 792-metre site will be cleared for a high-density apartment project.

ICR Property Group director Raff De Luise confirmed the sale, but declined to elaborate on the buyer or the price.

Nearby, the University of Melbourne recently paid Drapac about $37 million for the City Ford site at 750 Elizabeth Street, which will make way for a medical school. Affordable housing association Yarra Community Housing paid about $8.5 million for the Ridgeway plumbing site at 660-670 Elizabeth Street in 2008 and is currently developing the site.

The Age 5th September 2009