Jeff Xu's Golden Age Group ditches plans to redevelop Melbourne CBD building

But it soon abandoned the plans, despite initially specifying a move-in date of June 2018 for the five-storey building in the lease listing, which is still live at the time of writing.

Concept images for the now abandoned redevelopment project. Image: Supplied

A “comprehensive refurbishment” was also intended for the freestanding property including features such as 250-square-metre office floors, breakout spaces with kitchens and private bathrooms and shower facilities, the ad reads.

A spokesperson from Golden Age told Commercial Real Estate that the group was on the hunt for another site.

“12-14 McKillop Street presented a hospitality and commercial opportunity for Golden Age Group, however, the site no longer meets our requirements,” she said.

“We are excited to offer the space to another purchaser and we will continue to search for a site that meets our needs.”

City of Melbourne council’s permit register shows that no application in relation to the office and retail development had been lodged for the site.

Render images show the planned office spaces sporting an industrial vibe. Image: Supplied

Mr Xu’s group paid $10.5 million for the asset in 2015. Prior to that, a nightclub occupied the building’s basement, after it sold for $4.3 million in 2010.

The property has 1706 square metres of space on a 361-square-metre corner site with a 22-metre frontage.

CBRE Melbourne’s Mark Wizel, who has the listing with Nathan Mufale and Dylan Kilner, said laneway properties were high on the shopping lists of prospective buyers.

Mr Mufale said the building was ideal for retail, hospitality, office, hotel and residential uses.

“We expect interest from a range of buyers from owner-occupiers – perhaps boutique businesses who want to be in the thick of things – to investors looking for a building which has more than just floor space to let, and an address which is highly attractive to both tenants and their clients,” Mr Mufale said.

It is the second property listed by the Melbourne developer in August, which is also offloading five tenanted retail assets at the base of the CBD’s tallest residential tower Victoria One. The spaces can be purchased individually or in one line.

The building, made of two joined former warehouses, was constructed in the 1920s.