Melbourne

Vietnamese developer makes first Australian swoop with Kensington sale

A Vietnamese developer has made its foray into the Australian market with the purchase of a corner site part of the Racecourse Road shopping village in Melbourne’s city fringe.

12 Feb 2018

A Vietnamese developer has made its foray into the Australian market with the purchase of a corner site part of the Racecourse Road shopping village in Melbourne’s city fringe. 

CBRE’s Victorian Development Site Sales team sold the 265-271 Racecourse Road property in Kensington under the hammer for $6.025 million at a recent onsite auction. 

The 842sqm corner site, which offers a combined frontage of 60m to Racecourse and Rankins roads, has planning permit for 41 apartments and ground floor retail. The property currently accommodates existing improvements comprising a building area of 932sqm. 

CBRE’s Lewis Tong, who steered the sale process on behalf of vendor Monolith International, said the property’s position in the vibrant inner-city suburb of Kensington attracted strong buyer interest. 

“With a median house price of over $1.1 million, Kensington has drawn significant appeal from prominent developers acquiring properties such as 51-61 Hardiman Street for$4.3 million, 393 Macaulay Road for $6.6 million and 415 Macaulay Road for $4.8 million - all of which achieved similar land rates varying between $4,200p/sqm - $4,500p/sqm,” Mr Tong said. 

Fellow selling agent CBRE’s Chao Zhang said the sale was a strong vote of confidence for Melbourne’s development market. 

“The sale of 265-271 Racecourse Road to a first time investor in Australia highlights the strong fundamentals of Melbourne’s property market, which continues to attract interest both interstate and internationally,” Mr Zhang said. 
 
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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 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.