Chinese entrepreneur in Australia Richard Gu, the man behind the high-end real-estate market development company AXF Group, has sold the Kinnears Rope Factory site he purchased for $17 million in 2011 for $60 million. The deal has reached a settlement.
According to The Australian Financial Review, industry sources confirmed that an offshore investor had paid $60 million for the site in an off-market deal managed by CBRE Director, Mark Wizel.The four-hectare site is in Melbourne’s west, 6 kilometres from Melbourne’s CBD.
The AXF Group received development approval to construct 1,500 apartments on the factory site including a space for retail and commerce. The project is planned to be a a substantial mixed-use precinct.
It is understood the buyer will continue with the development.
Richard Gu, proactive in trading assets, has also developed luxury residence projects in Melbourne and Sydney.
Images courtesy THE URBAN DEVELOPER