The Greek community’s Arkadia club in Melbourne has decided to sell its main center building to an overseas developer. The building, located on Batman Street in West Melbourne was sold at 8.78 million Australian dollars, after 130 different developers expressed interest.
According to the agent that negotiated the deal, the buyer is a small private offshore developer, who only now started making his way to the Australian market, noted the Sydney Morning Herald.
The center building, measuring 868 square meters, “is zoned Mixed Use and has right of way entry to the side from Spencer Street. The price equates to $10,115 a square meter which is close to a record for an unpermitted site,” Ryan said to the Australian newspaper.
The offshore developer who bought the building is planning on creating around 70 to 90 apartments in the building.
The Prasino-Arkadia community has been using the building on Batman Street for the last 30 years. The club was first established in Melbourne, Australia in 1965. It forms a group of Greek people who migrated in Melbourne from a village called Prasino (Karnesi) in the south of Greece, near the city of Tripoli.