A Chinese buyer has scooped a permit approved Moonee Ponds development site for $1.9 million.
The onsite auction of 13-15 Norwood Crescent attracted a crowd of more than 50 people, with five parties bidding for the property.
Located on a 477sqm site, on the fringe of the Puckle Street retail precinct, the property has approval for a boutique 16 apartment project.
The property was sold and marketed by the CBRE Victorian Development Sites team, comprising Julian White, Ed Wright and Chao Zhang, on behalf of a local investor.
Mr White, said the sale demonstrated strong demand for well-located development opportunities.
“We are continuing to witness a flight to quality, with developers seeking opportunities in premium inner-city locations such as this,” Mr White said.
“Furthermore, banks are continuing to support good quality locations, where there is confidence and demand for apartments that can be readily sold to local buyers.”
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