U.S.-based property developer Markham has acquired King Street Wharf development site in Australia for $125.5 million from real estate investment trust LaSalle Investment Management.
Markham will develop new commercial and residential construction, upgraded transport infrastructure and new hotels and tourism-related development, all of which will drive retail and food and beverage spending over the long term.
In May, Australian construction firm Markham said that the sale adds to its $90.5 million purchase of office space at the northern end or Piers 8&9, Walsh Bay, Sydney.
In mid-2016, Australian property developer Multiplex developed the property and sold the leasehold to LaSalle Investment Management for about $90 million.