logo redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading collection external-link2 internal-link share-link icon-close2
Australia
  • Global
  • United States
  • Albania
  • Argentina
  • Australia
  • Austria
  • Bahrain
  • Baltics
  • Belgium
  • Bosnia & Herzegovina
  • Brazil
  • Bulgaria
  • Cambodia
  • Canada
  • Chile
  • Colombia
  • Croatia
  • Czech Republic
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Hungary
  • India
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Japan
  • Jordan
  • Kazakhstan
  • Kenya
  • Korea
  • Kuwait
  • Latin America
  • Luxembourg
  • Mainland China
  • Malaysia
  • Mexico
  • Montenegro
  • Morocco
  • Netherlands
  • New Zealand
  • North Macedonia
  • Norway
  • Oman
  • Pakistan
  • Panama
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Saudi Arabia
  • Serbia
  • Singapore
  • Slovakia
  • Slovenia
  • South Eastern Europe
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Turkey
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Venezuela
  • Vietnam
Log In
  • Global Intranet
  • myCBRE
  • Services
    • Business Lines
      • Advisory & Transaction Services
      • Capital Markets
      • Global Workplace Solutions
      • Investment Management (CBRE Investment Management)
      • Property Management
      • Valuation & Advisory Services
    • Industries & Specialties
      • Agribusiness
      • Build-to-Rent
      • Building, Depreciation & Cost Consultancy
      • Government Real Estate Advisory & Transactions
      • Hotels
      • Industrial & Logistics
      • Office
      • Residential
      • Retail
      • Retirement & Healthcare
      • Sustainability
      • Flexible Workspace
    • Services for Investors
      • Debt and Structured Finance
      • Host
      • Institutional Investments
      • International Investments
      • Investment Accounting & Reporting Solutions
      • Structured Transactions & Advisory
      • Leasing & Advisory
      • Metropolitan Investments
      • Property Management
      • Property Sales
      • Recovery & Restructuring
      • Valuation & Advisory
    • Services for Occupiers
      • Facilities Management
      • Leasing & Advisory
      • Occupier Consulting
      • Portfolio Services
      • Project Management
      • Sale and Leaseback
      • Structured Transactions & Advisory
      • Transaction Management
      • Valuation & Advisory
      • Workplace
  • Properties
    • Agribusiness
      Hotels
      Industrial & Logistics
      Institutional Investments
      Metropolitan Investments
      Office
      Residential
      Retail
  • Research & Insight
    • Australia Research
      Asia Pacific Research
      Global Research
      Expert Opinions
      Talking Property Podcast
  • People & Offices
    • Pacific Executive Committee
  • About CBRE
    • [email protected] - LGBTQI+ Inclusion
      Careers
      Case Studies
      Client Tools
      Corporate Information
      Environmental, Social and Governance
      Investor Relations
      Media Centre
      Reconciliation
      The Place Makers

Previous

Press Release
Local investor targets eastern suburbs

Next

Press Release
Chinese developer snares Doncaster development site for $21.58m
  • Home
  • About CBRE
  • Media Centre
  • Local and overseas developers fight it out for $14.6m slice of Forrest Hill

Local and overseas developers fight it out for $14.6m slice of Forrest Hill

1 September 2015
  • Email
  • Share
  • Tweet
  • Share

Melbourne, 01 September 2015 – Melbourne’s apartment market continues its upward momentum, with a premium site in the Forrest Hill precinct of South Yarra changing hands for $14.6 million – setting a new record for unpermitted sites in the suburb’s most rapidly developing street.

CBRE’s Mark Wizel, Josh Rutman, Julian White and Scott Orchard negotiated the sale of 6-8 Claremont Street, which was offered by way of Public Expressions of Interest, under instruction from transaction managers Nick Moore and Marcus Conabere of real estate advisory firm Urbis.

The 1,030sqm site, currently owned and occupied by the Victorian Aids Council (VAC), is wedged between two major apartment towers and is centrally positioned in the popular Forrest Hill precinct.

The property attracted multiple offers, with a Hong Kong-based purchaser securing the site for $14.6 million.

Mr Rutman said the property’s development potential in one of Melbourne’s most sought-after inner city suburbs was a major drawcard underpinning the sale.

“Despite talk of an apartment oversupply, South Yarra is quickly becoming one of Melbourne’s most successful development precincts, with several projects delivered over the past 10 years by developers such as Fridcorp, Michael Yates, Little Projects and LYZ,” Mr Rutman said.

“As evidenced by this deal, apartment developments in the area have been sold at strong sales rates to a mixture of owner occupiers and investors, both local and offshore. This has been complemented by an up and coming retail precinct, offering a hip and trendy inner city lifestyle.”

Mr Rutman said the Claremont Street sale was further evidence of strengthening confidence levels in the area.

“We have been fortunate to handle the past seven development site transactions in the Forrest Hill precinct, and given the new record land rate achieved it is fair to say that we are now seeing a whole new level of confidence from local and offshore groups, especially off the back of the apartment pre-sale success that many developers are continuing to experience in the precinct,” Mr Rutman explained.

The site, which features substantial existing office improvements, will continue to be occupied by VAC in the short-term, providing a stable income.

 

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

 

 

 

 

Media Contacts

Kathryn House Headshot
Kathryn House
Communications Director
Pacific
+61 2 9333 3585
+61 402 465 440
  • Corporate Information
  • Corporate Responsibility
  • Media Centre
  • About CBRE
  • Careers
  • Case Studies
  • People & Offices
  • Executive Committee
  • Investor Relations
  • Contact Us
  • Australia Privacy Policy
  • Global Web Privacy and Cookie Notice
  • Whistleblower Policy
  • Sitemap
  • Terms of Use
  • LinkedIn
  • Twitter
  • Facebook
  • Instagram
  • Youtube