Urbex Pty Ltd has sold a 20.5 hectare, 400 lot residential development site - once owned by photography company Kodak - to Nigel Satterley in a cash deal reported to be worth almost $80 million.
Maddocks acted for Urbex in the sale of the site, at 173-199 Elizabeth Street, Coburg in Melbourne's inner north, which was bought by Babcock and Brown and Urbex in June 2006.
Key lawyers in the deal were Maddocks property partner Nick Holuigue, assisted by property associate James Beauchamp, and construction & major projects partner Simone Holding.
Senior associate Bettina Sheeran of Gadens acted for the purchaser, Nigel Satterley, the country's biggest private property developer.
Contracts of sale were exchanged on 17 September 2010 and the transaction settled last week (6 October).
The site is largely vacant and construction is expected to start in the first half of 2011, assuming approvals are in place.