Places Victoria is believed to formalising the sale of a 1.56-hectare Cheltenham site housing a building where fighter jet planes were manufactured in the Second World War.
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The 329 Bay Road block abuts a former CSIRO facility it was mooted the state government planning authority would once also buy to create a supersite, and $200 million plus mixed-use village.
Places Victoria paid $7 million for 329 Bay Road in 2011. It was listed for sale late last year by Gross Waddell's Jamie Stuart and Andrew Waddell, with price expectations, according to sources, of over $10 million.
However in recent months, the sale price of some Places Victoria blocks has surpassed initial expectations.
Last month, it was revealed Places Victoria will bank about $21 million selling the 0.9-hectare former Binks Ford car dealership at 2-52 Cowper Street, in Footscray, via agency Savills. It bought that 0.9-hectare site for $11 million in April 2012, and listed it with price hopes in excess of $16 million.
In late 2014, Places Victoria sold another Footscray site to a Chinese consortium for $18.7 million. The government acquired that 1.3-hectare block 4 Hopkins Street, a former LeMans Toyota car dealership near the Maribyrnong River, for $21 million in 2011.
Late last year, Places Victoria offloaded a 2.2-hectare parcel at 11-33 Sommeville Drive, Roxburgh Park, about 20 kilometres north of town via agency Oliver Hume.
In all of these cases, Places Victoria added value to their sites by permitting them for medium and high-density, shovel-ready redevelopments.
The organisation's coffers are set to be boosted further after it last month listed a prominent 1925-square metre site in central Coburg, north of Melbourne.
