Melbourne, 3 April 2013 – A private developer has paid $1.13 million to acquire a residential site at the gateway to Preston.
The 204 High Street site has a permit for a six-storey development consisting of 81 student apartments with ground floor retail and basement car parks.
The CBRE selling agent Paul Tzamalis said the site had significant potential given its main road location, boutique size and the amenity of the surrounding area.
“The high number of buyer enquiries illustrated the market’s hunger for boutique development sites,” Mr Tzamalis said.
“The property was sold to an established local developer after generating interest from a wide range of buyers, including developers and land bankers.”
The site has a land area of 711sqm, which translates to a sale price of $1,589/sqm. It is zoned Priority Development.
For Australian/international news or global stories, follow us on Twitter. About CBRE Group, Inc.
