Development news

MAB plans to onsell a portion of land that was part of its NewQuay Central masterplan.

MAB purchased the land from ING Real Estate Development in 2011, and in January received planning approval to build two residential towers on the 3795 sqm site.

MAB Chief Operating Officer David Hall said the company had appointed commercial agents CBRE to commence an “expression of interest” campaign for the sale of a portion of vacant land at the corner of Docklands Drive and Pearl River Rd.

“MAB’s business strategy is to deliver its latest residential development, NewQuay Promenade, and a new public park as quickly as possible. We are seeking development partners to help achieve this goal,” Mr Hall said.

Work on demolishing the former Melbourne Convention Centre next to the World Trade Centre is set to start later this year.

According to Asset 1 WTC chief operating officer Gavin Boyd, the demolition will take place over the next 15 months and will start with the separation of the building from the Crowne Plaza hotel.

Asset 1 WTC has obtained a planning permit to build two office towers on the site.