Melbourne

Multiple property offering achieves Camberwell record

Another multiple property offering has been sold in Camberwell for $5.5 million – representing a record land rate for the area.

31 Jan 2018

Another multiple property offering has been sold in Camberwell for $5.5 million – representing a record land rate for the area.

Located at 890-892 Toorak Road, Camberwell, the property comprises two Victorian style residences on a 1,358sqm land parcel. 

The two properties were sold together to a Chinese developer for a land rate of $4,050sqm - well above the typicall $3,000sqm rate achieved for other similar General Residential Zone offerings along Toorak Road in Hawthorn East and Camberwell. 

CBRE’s Scott Orchard, Chao Zhang and Josh Twelftree marketed the property for sale by Expressions of Interest. 

Mr Orchard commented: “We achieved strong interest in the property from both local and offshore buyers by demonstrating the potential value that could be unlocked by selling the properties together and alternative development outcomes”.

Mr Zhang said the Camberwell address and opportunities in Melbourne’s blue-chip inner east continued to draw strong interest from a wide range of buyers, which could be heightened if the property was positioned correctly for sale.
 
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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.

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.