WADHAWAN GROUP SNAPS UP THIRD MELBOURNE SITE

Indian billionaire Rakesh Wadhawan is continuing to hand-pick first-rate development sites in "Melbourne, adding a beachfront Middle Park property to his growing portfolio.   The Mumbai-based businessman, worth an estimated $2.35 billion according to Forbes,is believed to be paying about $13 million for a prominent residential development siteat 312 Beaconsfield Parade, on the comer of Fraser Street.   The site was sold by boutique developer Fridcorp, which paid $8 million for it in Decemberand obtained a planning approval for Pearl, a landmark, five-level apartment building. Fridcorp director Paul Fridman declined to comment. Wadhawan Group spokesperson Raj Savlok was unavailable for comment.   Since May, the Wadhawan Group has snapped up two other sites in Melbourne: one inDarling Street, South Yarra, for $4 million, and the other the "City Road Wedge" site inSouthbank for $40 million, where it is proposing a $600 million project of apartments,shops and a hotel. Vinci Carbone Property Director Joseph Carbone, who sold the Southbank site, said he expected the Wadhawan Group to slow its Melbourne spending spree. "They have acquired all they are going to acquire for the moment," he said.   "They now have a view to focusing on the development of these projects."   Wadhawan Group chairman Kapil Wadhawan was in town earlier this month, meeting Victorian Industry and Trade Minister Theo Theophanous to discuss better economic ties between India and Australia. Rakesh Wadhawan's other business interests are in housing finance, food, beverages and groceries.