Another Melbourne CBD site with the potential for a residential highrise development has been sold for around $35 million.

The vendors of 478-488 Elizabeth Street were Girdhari and Geeta Lamba of Kew and the purchaser was GreenFort Capital, an independent real estate and infrastructure investment company founded by Adam Vaggelas. The sale was arranged by CBRE Melbourne.

The properties have a combined site area of 1,170 sqm and are currently occupied by a 1924, three-storey, brick building of 2,193 sqm and a two-storey building. Tenants include Motorcycle City and Education Access Australia. 

An approved development application covering both the properties is for the construction of a 68-storey, mixed use development comprising 399 apartments, 196 hotel rooms and cafe/retail space at ground level.

The properties were originally bought by a Lamba family company in two parcels between 1985 and 2014 for a total of $7.6 million.