A permit approved development site in Camberwell has been sold under the hammer for $4,250,000 following competitive bidding from five parties.
Based on the net saleable area of the permit approved project, the sale price translates to a strong rate of $3,299/sqm.
The CBRE Victorian Development Sites Sales team of Julian White, David Minty and Chao Zhang managed the sale of the 1,647sqm site, which is located at 936-938 Toorak Road.
It was acquired by a locally based Chinese developer, planning to deliver a project targeted at the local owner occupier market. The approved permit allows for 20 apartments.
This sale continues the recent trend of developers buying sites in high value municipalities such as Boroondara.
“In these neighbourhoods, the apartment product will be targeted at downsizers and owner occupiers, Mr White said.
“Developers have confidence taking these pre-sales to their banks and getting funding to build.”
Based on the net saleable area of the permit approved project, the sale price translates to a strong rate of $3,299/sqm.
The CBRE Victorian Development Sites Sales team of Julian White, David Minty and Chao Zhang managed the sale of the 1,647sqm site, which is located at 936-938 Toorak Road.
It was acquired by a locally based Chinese developer, planning to deliver a project targeted at the local owner occupier market. The approved permit allows for 20 apartments.
This sale continues the recent trend of developers buying sites in high value municipalities such as Boroondara.
“In these neighbourhoods, the apartment product will be targeted at downsizers and owner occupiers, Mr White said.
“Developers have confidence taking these pre-sales to their banks and getting funding to build.”
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
