A prime development site in Walkerville, comprising a car showroom and three surrounding residential dwellings, has been sold off market for $5.4million
CBRE’s Harry Einarson and Mitch Curnow negotiated the deal on behalf of Belcar Pty Ltd, a high-end car specialist.
The sizeable 5,847 sqm site, located at 126-136 North East Road was sold to a private Adelaide developer with the sale price reflecting a strong rate of $923 per square metre.
Mr Einarson said Belcar was moving out to larger premises on Glen Osmond Road and given the current interest from developers in residential redevelopment along these main road corridors, it appeared fitting to offer the site for medium density residential development.
“Whilst demand is still strong for apartment sites in the urban corridor zones, main road properties which have the right zoning for townhouse developments are the strongest sector of Adelaide’s current development market,” Mr Einarson said.
Mr Curnow went on to say it was unsurprising the site was snapped up so quickly, due to the premium location and ability to develop a medium density residential asset.
“We have found a number of opportunities of this nature aren’t making it to market due to the level of demand for medium density development. This site was sold within a few weeks of the owner making the decision to sell the properties in one line.”
“Although the site was not fully DA approved, the process was well underway. We have found sites with approval or approval nearing completion can achieve a premium sale price in comparison to what is regularly expected,” said Mr Curnow.
CBRE’s Harry Einarson and Mitch Curnow negotiated the deal on behalf of Belcar Pty Ltd, a high-end car specialist.
The sizeable 5,847 sqm site, located at 126-136 North East Road was sold to a private Adelaide developer with the sale price reflecting a strong rate of $923 per square metre.
Mr Einarson said Belcar was moving out to larger premises on Glen Osmond Road and given the current interest from developers in residential redevelopment along these main road corridors, it appeared fitting to offer the site for medium density residential development.
“Whilst demand is still strong for apartment sites in the urban corridor zones, main road properties which have the right zoning for townhouse developments are the strongest sector of Adelaide’s current development market,” Mr Einarson said.
Mr Curnow went on to say it was unsurprising the site was snapped up so quickly, due to the premium location and ability to develop a medium density residential asset.
“We have found a number of opportunities of this nature aren’t making it to market due to the level of demand for medium density development. This site was sold within a few weeks of the owner making the decision to sell the properties in one line.”
“Although the site was not fully DA approved, the process was well underway. We have found sites with approval or approval nearing completion can achieve a premium sale price in comparison to what is regularly expected,” said Mr Curnow.
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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 2016 revenue). The company has more than 75,000 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: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 2016 revenue). The company has more than 75,000 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.
