Strong interest in permit approved Melbourne development sites has propelled the $5.68m sale of a Glen Iris landholding to an interstate developer.
The CBRE Victorian Development Sites team of David Minty, Nathan Mufale, Alex Brierley and Dylan Kilner negotiated the sale of the 1,700sqm, inner suburban landholding at 1542-1544 High Street.
The site was offered with permit approval for a residential project comprising 22 apartments and a total net saleable area of circa 2,619sqm.
The unconditional sale followed the conclusion of the second and final round of a Mortgagee in Possession-directed Expressions of Interest campaign.
Mr Minty said the campaign had generated strong interest from 14 bidders, with the top five groups shortlisted.
“Notably, buyers from China, Malaysia, Singapore and Hong Kong all participated in the EOI process, with the bids sourced via our national Asian Services Division,” Mr Minty said.
“Over $65,000,000 in bids were received in total, demonstrating the strong level of active capital pursuing well located, permit approved development sites.”
The landholding was sold on a short 30 day settlement to a Sydney-based developer of Asian heritage. The sale price reflects a strong rate of $261,523 per unit.
“The purchaser was sourced via CBRE’s Asian Services Desk in Sydney, with Melbourne’s lower entry prices and higher population growth projections helping to drive demand from Sydney developers,” Mr Minty said.
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
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 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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.