A Chinese developer has acquired a Hawthorn East residential landholding spanning 1,430sqm for $4.4 million.
CBRE’s Victorian Development Sites team, comprising David Minty, Julian White and Chao Zhang, managed the Expression of Interest campaign for 488 Barkers Road with the final sale price reflecting a $3,076 per sqm rate.
Mr Minty said the large residential block drew strong interest from both local and international buyers.
“Hawthorn East is a relatively resilient market, achieving on average a 70% clearance rate each weekend, and we’re extremely pleased with the strong $3,000 per square metre rate achieved for our client,” Mr Minty said.
“Since July, we’ve noticed a higher level of mainland Chinese buyers re-entering the development site market off the back of a falling Australian dollar and their greater purchasing power. We anticipate this activity to continue into 2019.”
The site, which is well suited to a town house project, currently consists of a five-bedroom residential dwelling and is located just seven kilometres from the Melbourne CBD. It is serviced by several public transport routes and is in close proximity to Camberwell Junction and the Auburn Road retail and dining precinct.
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