Melbourne-based private developer Sterling Global has reportedly paid over $35M to aged care builder John Matties for the almost 8,000sqm site in South Yarra.
Mr Matthies, director of the family-run Australian Aged Care Group Pty Ltd (AACG), spent five years and an estimated $25M to amalgamate the eight sites, which include the 1,000sqm $12M Saint Cloud mansion, the areas largest private landholding.
Mr Matthies, who also owns care facilities in Kew and Cowes, had submitted plans in 2013 to develop the site into an exclusive 80-unit six-storey facility, but instead opted to list the land for sale in November last year.
AACG now has future developments pegged for Kew Gardens and Sorrento.
Pictured: Saint Cloud mansion in South Yarra. Image credit: The Sydney Morning Herald.