Optometry Australia sees potential to divest Carlton landholding

​Melbourne, 28 March 2016 – A local investor has snapped up a 536sqm prime Carlton landholding for $4.015 million, setting a new benchmark for residential terrace prices in an already tightly held suburb.

CBRE’s City Sales & Victorian Development Sites team of Paul Tzamalis, David Minty and Ed Wright negotiated the sale on behalf of Optometry Australia, who have recently re-branded and chose to divest the asset as part of its new strategy.

Located at 202-204 Drummond Street, the property offers two adjacent residential terraces, three street frontages, rear access and vacant possession. The site further benefits from flexible mixed use zoning, offering residential development potential (STCA) with the opportunity for breathtaking CBD, parkland and garden views.

The sale price represented a rate of over $2 million per terrace, a strong result Mr Tzamalis attributed to the limited stock currently available in the converted street. The last transaction in the street, which is in close proximity to the city, occurred in May 2015 at 23 Drummond Street, with the single fronted terrace selling for $1.685 million.

“The recent sale demonstrated the strong market appetite for A-Grade property opportunities, with over 130 enquiries received throughout the campaign.”

“The property’s renowned setting a stone’s throw from the Melbourne CBD, picturesque Carlton Gardens, Melbourne Museum and daily amenities and lifestyle attractions, including the Lygon Street retail strip, attracted interest from a variety of developers, owner occupiers and investors,” said Mr Tzamalis.

“This included interest from medical professionals looking to take advantage of the proximity to the major hospitals such as St Vincent’s and Royal Melbourne. Student accommodation operators also saw value in the property given its central location to RMIT University and the University of Melbourne.”