Melbourne

Newmark Capital sells South Yarra landholding

A locally-based Malaysian developer has snapped up a vacant site in South Yarra with plans to secure a residential planning permit.

22 Oct 2018

A locally-based Malaysian developer has snapped up a vacant site in South Yarra with plans to secure a residential planning permit.

CBRE’s Mark Wizel, Julian White and Chao Zhang negotiated the sale jointly with Gorman Commercial’s Jonathan McCormack and Andrew Prowse on behalf of vendor Newmarket Capital.

The sale price for the 338sqm, 14-16 Garden Street site was undisclosed.

CBRE’s Mr White said the transaction followed a number of boutique site sales in South Yarra in recent months.

“South Yarra is one of Melbourne’s most successful and proven development markets,” Mr White said.

“Developers are attracted by the flexibility many sites offer for mixed use, residential, office, hotel and retail development, and are acquiring sites with confidence that there will be strong demand from end users.”

Recent South Yarra boutique development site sales include:

55 Claremont Street (461sqm) - $8,600,000 – June 2018
99-101 Commercial Road (257sqm) - $3,750,000 – September 2018
6a Wilson Street, South Yarra (203sqm) - $2,161,000 – September 2018
 
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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.

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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.