Melbourne, 31 March 2016 – A local developer has snapped up two adjacent Windsor properties at auction for $2.711 million, following a competitive campaign which received in excess of 150 enquiries.
CBRE’s Chao Zhang, Ed Wright and David Minty negotiated the sale of the two semi-detached homes at 43 and 45 Victoria Street, which were brought to the market in one line.
The combined 415sqm site comprised older style residences and was sold under the hammer without any plans or permits.
The two individual local vendors of 43 and 45 Victoria Street banded together for this sale, in order to appeal to strong developer appetites in the Melbourne market.
Mr Zhang said the auction saw over 100 people in attendance, with six local and offshore groups fiercely bidding for the site.
“The competitive bidding at the auction from both local and offshore groups for a hidden site such as this shows strong confidence in the market and a solid outlook for 2016.”
“This sale continues CBRE Victorian Development Sites' strong success in the sub $6 million development site market, with over $27 million worth of sales transacted in high quality locations over the past 3 months,” said Mr Wright.
“We are continuing to witness a significant amount of confidence from developers aggressively seeking strategic opportunities, which is a positive sign for market confidence in the early stages of 2016.”
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