The former Racecourse Hotel site in Flemington has sold for $16.5 million to Melbourne developer Caydon Property Group.
CPG bought the 3773m² site from Oz Property Group with approval for a 21-storey building with 300 units and 87 serviced apartments.
CPG’s Joe Russo said, “Caydon’s in-house design team will be looking at the plans and permit in place and we expect to make a few changes to ensure we have the best possible design for our buyers.”
Marketing for the complex, named 1 Ascot Vale Rd Apartments, is expected to start in October.
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