Treasurer Joe Hockey is considering whether to stop the sale of an industrial block in Melbourne to an Iranian businessman.
Mohammad Saeid Khorram, from the Tehran-based Pardis Commercial Group, is seeking to buy a 2900 square metre commercial site near the Canterbury railway station.
Real estate websites estimate the block, 10km from the Melbourne CBD, is worth upwards of $3.5 million and is suited for commercial uses including offices, retail, hospitality and medical.
A government gazette notice posted on Friday said Mr Khorram had been designated a foreign person for the purposes of the Foreign Acquisitions and Takeovers Act.
The sale of the block has been blocked for up to 90 days to enable the Treasurer to consider whether it would be contrary to the national interest and should not be allowed to go ahead.
Pardis' website says it is an international supplier of raw materials for the confectionery, bakery, ice cream and cosmetics industries.
Mr Khorram told AAP he planned a commercial building and office space on the block.
"I believe my plan will create some jobs and present some services to people living in the suburbs," he said in an email from Tehran.
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