Newly minted billionaire, Nick Andrianakos, has sold his 9.31 hectare industrial site in Melbourne’s north to US private equity firm Cabot Properties for $41 million.
Andrianakos first purchased the property in 1993 for $1.45 million from the ANZ Bank.
According to realestatesource.com.au, the new US-based owner is set to replace the largely vacant tract with a $130 million business park containing 55,000 square metres across three buildings.
“It is rare to be able to create an estate of this scale and quality in such a core infill location,” Cabot director of Investments, Jonathan Herb, said.
The deal comes a month since Andrianakos picked up a half-stake in Adelaide’s Colonnades Shopping Centre – the country’s fourth biggest mall by land area – for $135 million.