Melbourne, 12 August 2015 – A local developer has snapped up a development site in Avondale Heights for $1.65 million –representing the highest single landholding sale on record in the area.
Located at 4-6 Canning Street, the 1,688sqm site features an existing older style residential dwelling and is located on a sloping corner position. The site’s main attraction was the extensive development prospects, with potential to develop 8-10 townhouses (STCA).
Chao Zhang, David Minty and Ed Wright of CBRE negotiated the sale of behalf of the Vendors, via a public Expression of Interest campaign.
Mr Zhang said the public campaign received strong interest from both local and offshore developers, with all groups attracted to the premium elevated corner position and strong development potential.
“This result is a great sign for owners of quality development sites within inner suburban areas, as investors are demanding these assets and are willing to be aggressive on pricing during the current favorable market conditions.”
“The record sale price is evidence of the confidence developers currently have in the inner suburban market, with the campaign receiving 11 offers at the close of the first round and a number of strong elevated offers in the highly competitive second round.”
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