I wonder how astute our property development partner is? The...

I wonder how astute our property development partner is? The building on the top right side of the googlemap in the above post shows a large block of old units.  Frankly, any good development in Lumley Court Prahan should really demolish this old block of apartments thats if you wish to build a modern appealing, luxury development in the area commanding high prices.
Searching the City of Stonnington planning records it seems that the building on the right lower corner is actually the one that has been purchased.
They've paid a large premium especially when searching past records of sales in the older apartment block.
The site purchased  includes units 1 to 4 at No 2 Lumley Court, all settlements were in March 2018, Unit 1 ($770,000) Unit 2 ($860,000) Unit 3 ( $710,000) Unit 4 ($710,000)  Total $3,050,000 + stamp duty etc. The building is recorded as built in 1940 and the block size is 642 sq m and apartment size about 67 sqm.
Rather a nice increase in price since the earliest recorded purchase was in 1991 from $131,000 to $144,000.

Sales in the old apartment block however haven't had the same capital gain increase, current prices around $280,000 earlier recorded sales in 2003 was $230.000.
The application to the City of Stonnington was made in July 2017 ( obviously done by previous owners)  there were a number of objections.
https://eplanning.stonnington.vic.gov.au/EPlanning/Public/ViewActivity.aspx?refid=0635/17