Bensons Property Group has finalised the purchase of a prime Docklands site days after emerging from voluntary administration.
The melbourne-based developer secured the 4509sq m site at 194-204 Lorimer Street from Samma Property Group for what industry sources suggest was “just over $20 million”.
The acquisition is the company’s first major move since exiting administration on February 20.
It entered the process in December of 2024 with debts totalling $812 million.
The property, acquired by Samma Property Group from Development Victoria for $22.5 million in late 2021, comes with planning approval for a residential tower.
Samma’s $250-million plan for a 31-storey tower comprising 402 build-to-rent apartments approved in 2023 was due for completion in 2026.
The Fender Katsalidis-designed project features a non-traditional maritime-inspired silhouette with two sculptural towers extending to ground level.
Bensons plans to establish two new investment funds targeting the same creditors who recently accepted reduced debt settlements.
These funds would support the development of a luxury residential project on the site.
Bensons Property Group chief executive Rick Curtis said the “site represents a high-quality residential…
