A prominent Melbourne developer has recently snapped up a West Footscray site with significant potential for a mixed use development, in a deal valued at $2.3 million.
The 1,330sqm site, located at 282-288 Geelong Road, benefits from permit approval for a mixed-use development comprising 20 residences and a ground floor café.
CBRE’s Chao Zhang, David Minty and Josh Twelftree negotiated the sale, with the site receiving significant interest from a range of developers and childcare operators looking to establish themselves in the growing West Footscray region.
The sale price represented a rate of $115,000 per apartment – a record result Mr Minty said was comparable with recent transactions seen in Melbourne’s inner eastern suburbs such as Hawthorn, Camberwell, Balwyn and Kew.
Mr Twelftree from the CBRE Victorian Health, Aged & Child Care team said although a childcare developer/operator wasn’t the eventual purchaser, these groups were particularly active throughout the campaign as they were attracted to the over 1,000sqm land size, location in a growing region and proximity to schools.
“Childcare groups are becoming more active in the Victorian market, with these buyers aggressively seeking sites which are strategically located in growing residential regions.”
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia 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 (based on 2015 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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.