A Bulleen development site in Melbourne’s eastern suburbs has sold under the hammer for $3,225,000 - $575,000 above the reserve price.
The CBRE Victorian Development Sites team of Chao Zhang, David Minty and David Silcock steered the auction sale of the 29-31 Manningham Road property, which has a permit approval for eight townhouses and dual frontage to Robert Street.
There were 52 bids from four separate parties, with the circa 1,239sqm property announced on the market at $2,650,000 before selling for $3,225,000.
“This sale demonstrates continued developer confidence in Melbourne, particularly the eastern suburbs where buyer demand from occupiers and investors has underpinned a significant increase in median house prices,” Mr Zhang said.
Mr Silcock added; “While a clearance rates have reduced this year, vendors who are strategic when they announce that properties are on the market are still being rewarded with strong results. The fact that this property sold for a land rate above $2,600 per square metre and a per rate above $400,000 clearly shows developers are seeing current conditions as a minor correction and expect to achieve a premium when they ultimately deliver their projects.”
The CBRE Victorian Development Sites team of Chao Zhang, David Minty and David Silcock steered the auction sale of the 29-31 Manningham Road property, which has a permit approval for eight townhouses and dual frontage to Robert Street.
There were 52 bids from four separate parties, with the circa 1,239sqm property announced on the market at $2,650,000 before selling for $3,225,000.
“This sale demonstrates continued developer confidence in Melbourne, particularly the eastern suburbs where buyer demand from occupiers and investors has underpinned a significant increase in median house prices,” Mr Zhang said.
Mr Silcock added; “While a clearance rates have reduced this year, vendors who are strategic when they announce that properties are on the market are still being rewarded with strong results. The fact that this property sold for a land rate above $2,600 per square metre and a per rate above $400,000 clearly shows developers are seeing current conditions as a minor correction and expect to achieve a premium when they ultimately deliver their projects.”
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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.
