FORREST HILL APARTMENT SITE SELLS FOR $14.6M

Written on the 2 September 2015

FORREST HILL APARTMENT SITE SELLS FOR $14.6M

MELBOURNE'S apartment market continues its upward momentum, with a premium site in the Forrest Hill precinct of South Yarra changing hands for $14.6 million setting a new record for unpermitted sites in the suburb's most rapidly developing street.

CBRE's Mark Wizel, Josh Rutman, Julian White and Scott Orchard negotiated the sale of 6-8 Claremont Street, which was offered through expressions of interest, under instruction from transaction managers Nick Moore and Marcus Conabere of real estate advisory firm Urbis.

The 1030sqm site, currently owned and occupied by the Victorian Aids Council (VAC), is wedged between two major apartment towers and is centrally positioned in the popular Forrest Hill precinct.

The property attracted multiple offers, with a Hong Kong-based purchaser securing the site for $14.6 million.

Rutman says the property's development potential in one of Melbourne's most sought-after inner-city suburbs was a major drawcard underpinning the sale.

"Despite talk of an apartment oversupply, South Yarra is quickly becoming one of Melbourne's most successful development precincts, with several projects delivered over the past 10 years by developers such as Fridcorp, Michael Yates, Little Projects and LYZ," Rutman says.

"Apartment developments in the area have been sold at strong sales rates to a mixture of owner occupiers and investors, both local and offshore. This has been complemented by an up and coming retail precinct, offering a hip and trendy inner-city lifestyle."

Rutman says the Claremont Street sale indicates a strengthening of confidence levels in the area.

"We have been fortunate to handle the past seven development site transactions in the Forrest Hill precinct, and given the new record land rate achieved it is fair to say that we are now seeing a whole new level of confidence from local and offshore groups, especially off the back of the apartment pre-sale success that many developers are continuing to experience in the precinct."

The site, which features substantial existing office improvements, will continue to be occupied by VAC in the short-term.


Latest News

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

VILLA WORLD POSTS FOURTH CONSECUTIVE PROFIT GROWTH AS IT EXPANDS INTERSTATE OFFERING

RESIDENTIAL property developer Villa World (ASX: VLW) has posted its fourth consecutive full-year profit growth, a...

UNDER-FIRE AVEO DOUBLES FY PROFIT, SHARES SURGE NEARLY 10 PER CENT

SHARES in retirement village operator Aveo Group (ASX: AOG) have surged 10 per cent after announcing its profit after...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

Related News

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Sha...

AUSTRALIA'S LARGEST MARKETING CONFERENCE SET TO SHOWCASE INTERNATIONAL INDUSTRY LEADERS

THE ASSOCIATION for Data-driven Marketing and Advertising (ADMA) has announced the finalised list of speakers for ...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter