243-263 Franklin Street, Melbourne

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 $150m development opposite Queen Vic Market

A PROMINENT development site opposite Queen Victoria Market will be developed into a $150 million mixed-used project including a hotel, apartments and shops.  Private developer Mider has confirmed it was the mystery buyer of a 1670 square-metre site that 243-263 Franklin Street, once part of the City Mazda dealership, at the north-west tip of the CBD.  The site with a 40-metre frontage to Franklin Street and the Queen Victoria Market car park, sold to Mider for $6.5 million.

It is now an open-air car storage yard.  Mider chief executive officer Anton Wilson said the company planned to build a 70-room boutique hotel in one building, and about 350 apartments in two towers, flanked by ground-floor retail.

He expects to lodge plans to the Melbourne City Council this year. Knight Frank’s Clinton Baxter represented vendor Drapac in the sale. Mider was represented by ICR Property Group sales and leasing Director Raff De Luise.

The Age- Saturday 14th February 2009