Glen Iris boutique development site hits high note with 337m sale
Glen Iris boutique development site hits high note with $3.37m sale
| 3 November 2016
Melbourne’s inner-city apartment market continues to strengthen, with the $3.375million sale of a development site in Glen Iris highlighting the upturn in demand for boutique assets.
The auction of the 29-33 High Street property attracted a crowd of more than 75 people, with both local and offshore bidders competing for the 664sqm site.
The property, which currently comprises dated existing improvements, has permit approval for a boutique apartment development consisting of 25 apartments and two ground floor retail shops.
A locally based, first time Chinese developer secured the site at a land rate of $5,083 per square metre.
CBRE’s Julian White, who managed the auction process in conjunction with fellow agents Scott Orchard, Nathan Mufale and Chao Zhang, said the sale highlighted the ongoing strength of Melbourne’s apartment market.
“In suburban Melbourne, we are seeing a significant increase in the number of retail strip shops being acquired, amalgamated and offered to the market with planning permits,” Mr White said.
“This is particularly popular trend given these sites are able to leverage off the existing retail and lifestyle amenity in established locations, in addition to surrounding transport infrastructure.”
For Australian/international news or global stories, follow us on Twitter.
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.