Melbourne, 20 May 2015 – A high profile development site on Brunswick’s Sydney Road is being offered for sale in a move tipped to further ignite Melbourne’s inner north property market.
Located at 808-818 Sydney Road, the 2,023sqm land holding comprises four separate titles and is being sold with permit approval for a seven level residential and mixed-use project featuring 91 apartments and six retail shops.
CBRE’s Mark Wizel, Ed Wright and Scott Orchard have been appointed to sell the property via Public Expressions of Interest, with it tipped to generate interest in excess of $8 million.
Mr Wizel said the sale represented an outstanding opportunity to acquire a footprint in one of Melbourne’s most strongly trending locations.
“Brunswick is the nexus where the inner city fringe and multicultural Melbourne truly come together, and this Sydney Road property is at the heart of this precinct, which is also regarded as one of the city’s most diverse shopping strips with strong café and culinary culture,” Mr Wizel said.
“This is a rare opportunity to secure a very well packaged site, permitted for quality apartment outcome with exciting retail aspect in Melbourne’s highly sought after inner northern precinct.”
Mr Orchard said the project would capitalise on gaining momentum in the proven Brunswick property market, with significant precedent for project success due to completion of many nearby developments and strong market confidence in the pre-sale market.
“This mixed use project will no doubt create an exciting buzz in this culturally rich and bohemian part of inner Melbourne,” Mr Orchard said.
“The not to be repeated permit due to recent planning amendments, and quality scheme represents a perfectly sized, balanced approach in harmony with current market demand. The project also benefits from highly efficient use of space and also cost effective single basement configuration.”
Mr Wright mentioned the property was being offered after it was smartly repositioned by a boutique private Melbourne investor - Tallow Group.
“Brunswick’s increasing popularity is fuelled by tram and train public transport options direct to the CBD, parks, proximity to a vast range of daily amenity, dining and lifestyle attractions. Plus, Melbourne’s most significant tertiary education hub featuring Melbourne University, Monash University and RMIT, coupled with renowned hospital and medical precinct,” he said.
The public Expressions of Interest campaign closes Thursday 17th June 2015 at 5pm.
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