Melbourne, 08 November 2013-Residential developer AusGroup Property and Development has fought off stiff competition to acquire a prominent infill site in Melbourne’s eastern suburbs for $21.7 million.
Located at 56-74 Station Street, Nunawading, the property - commonly known as the former ‘Daniel Robertson brickworks site’ – comprises 4.9 hectares of developable land.
CBRE’s Paul Tzamalis and Justin Clarkson – in conjunction with Knight Frank’s Michael Hede and Ken Smirk - marketed the property on behalf of the Robertson family through an Expressions of Interest (EOI) campaign. The campaign and transaction was managed by Ian Dungey Property Advisory Services.
CBRE’s Paul Tzamalis said the site’s potential to be redeveloped for a residential outcome was a key selling factor.
“This prominent property, which has been privately owned by the Robertson family since the 1920s, is ideally suited to be transformed into a new residential development in the heart of Nunawading,” Mr Tzamalis said.
“The site has been earmarked for an imminent rezone to support residential development as part of Whitehorse City Council’s Mega Mile structure plan.”
Centrally positioned, the property is a short walk from the newly reconstructed Nunawading Train Station, 2.5km from Forest Hill Chase Shopping Centre and minutes to major road arterials including Springvale Road, Whitehorse Road, Eastern Freeway and Eastlink.
Mr Hede said the EOI campaign attracted strong interest from both local and offshore buyers, with more than 40 enquiries received on the property, resulting in the transaction’s settlement two weeks prior to the close date.
“Prime development sites such as this in such close proximity to the Melbourne CBD are few and far between, which is evident by the strong level of investor interest shown in this property,” Mr Hede said.
Mr Smirk said the property, which was purchased by the Robertson family in 1928, would continue to play a pivotal role in the area.
“The brickworks site has been the cornerstone of Nunawading since the late 1800s, giving rise to jobs and infrastructure for the area,” Mr Smirk said.
Mr Clarkson commented: “Investors continue to target well positioned sites across Melbourne with development potential – as demonstrated by recent transactions over the past few months.”
The Nunawading site is located approximately 20km east of the Melbourne CBD.
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