Aspial Corp buys Melbourne property for $47 million

JEWELLERY group Aspial Corp has sunk A$41.5 million (S$46.8 million) into its first major property acquisition abroad, buying a development in Melbourne.

The 10-storey commercial development, which has two levels of basement carpark space, is at King Street, directly opposite one of the oldest parks in the Australian city.

It lies about 300 metres from Flagstaff Station - the fifth busiest station in the city's metropolitan train network and one of the five stations encircling the central business district.

The site has a land area of about 2,206 square metres and a lettable area of around 13,136 sqm.

Aspial is exploring various options for the property, including redevelopment for mixed commercial and residential use.