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  • Demand increases for permit approved sites

Demand increases for permit approved sites

1 March 2016
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​Melbourne, 01 March 2016 – CBRE Victorian Development Sites has recently witnessed a strong resurgence in the popularity of permit approved sites, with over $145 million worth of permitted development site sales transacting since November 2015.

According to CBRE, this trend is being underpinned by two key factors – the new state government’s attitude towards planning and the strength of the residential market. 

Mark Wizel, Senior Director of CBRE Victorian Development Sites, said since the change in Victorian State Government approximately 15 months ago market feedback has suggested that permits have been more difficult to achieve - as Minister Richard Wynn and the labour government take Melbourne’s city planning in a new direction.

“As such, developers are more actively targeting permitted opportunities for the security of immediate development.”

“Another key factor underpinning demand is the current strength of the residential market, with apartment and townhouse developers looking to acquire sites with permits so they can have their product in the market straightaway,” said Mr Wizel.

“We have also repeatedly found over a number of years that Chinese, Malaysian and Singaporean developers have had a preference for sites with permits.”

“In December and November of 2015 alone, CBRE Victorian Development Sites transacted nearly $150 million in permitted sites to a mix of local and offshore developers –highlighting the strong demand in the permitted sector,” he added. 

Address
Price
Date
Buyer
41-49 Bank Street, South Melbourne
$15,070,000
Dec-15
Chinese
20 Vale Street, North Melbourne
$1,750,000
Dec-15
Local
143 & 145-147 Rosslyn St, West Melbourne
$2,600,000
Dec-15
Chinese
83-113 Batman Street, West Melbourne
$35,000,000
Dec-15
Local
19-23 Cookson Street, Camberwell
$4,340,000
Dec-15
Local
2 Hopkins Street, Footscray
$23,000,000
Nov-15
Local
61 Danks Street, Port Melbourne
$3,200,000
Nov-15
Local
112 High Street, Kew
$8,500,000
Nov-15
Chinese
18 Down Street, Collingwood
$3,300,000
Nov-15
Local
327-329 Union Road, Balwyn
$4,050,000
Nov-15
Chinese
247-251 Neerim Road, Carnegie
$6,680,000
Nov-15
Malaysian
111 Canning Street, North Melbourne
$31,000,000
Nov-15
Chinese
1289 Burke Road, Kew
$6,800,000
Nov-15
Chinese
Total (13 sales)
$145,290,000
 
 

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About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue).  The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than  400 offices (excluding affiliates) worldwide.  CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.  Please visit our website at www.cbre.com.

 

 

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