CBRE’s Victorian Development Sites team has successfully transacted its fourth property in 10 days, after a permitted site for six townhouses in Elwood sold for $2.9 million.
The vacant 562sqm parcel of land at 18 Joyce Street in bayside Elwood set a new benchmark with the final sale price reflecting an NSA rate of $4,809 per sqm and a land rate of $5,106 per sqm
The campaign was handled by exclusive selling agents Jimmy Tat, David Silcock, Leon Ma and Lewis Tong.
A local developer acquired the property, which is ready to be developed immediately.
CBRE’s Jimmy Tat said the strong sale result followed 130 enquiries, comprising a mix of local and Asian developers.
Leon Ma said: “We reiterated to the market place that the permit was unrepeatable, and this, coupled with already overwhelming demand to live in Elwood, helped us achieve a premium result for our vendor.”
“At a time when the residential market is showing slower signs of growth, the record number of enquiries proved that underpinning factors of location, boutique product and a pro-active marketing strategy will continue to drive development demand into 2018,” Mr Silcock concluded.
The vacant 562sqm parcel of land at 18 Joyce Street in bayside Elwood set a new benchmark with the final sale price reflecting an NSA rate of $4,809 per sqm and a land rate of $5,106 per sqm
The campaign was handled by exclusive selling agents Jimmy Tat, David Silcock, Leon Ma and Lewis Tong.
A local developer acquired the property, which is ready to be developed immediately.
CBRE’s Jimmy Tat said the strong sale result followed 130 enquiries, comprising a mix of local and Asian developers.
Leon Ma said: “We reiterated to the market place that the permit was unrepeatable, and this, coupled with already overwhelming demand to live in Elwood, helped us achieve a premium result for our vendor.”
“At a time when the residential market is showing slower signs of growth, the record number of enquiries proved that underpinning factors of location, boutique product and a pro-active marketing strategy will continue to drive development demand into 2018,” Mr Silcock concluded.
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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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.
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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.
