RARE MELBOURNE DEVELOPMENT SITE SNAPPED UP
Written on the 2 March 2016
A LOCAL investor has snapped up one of the last remaining permitted development sites in Melbourne for $3.1 million.
The 168sqm Southbank site has approval to construct a 33-floor, 58-apartment residential tower within the Crown Casino entertainment precinct.
Colliers International agents Daniel Wolman and Oliver Hay, in conjunction with Raff De Luise of ICR Property, negotiated the sale at 11 Hancock Street.
Wolman says the sale set the scene for another year of strong demand for city fringe development sites.
He says recent changes to Melbourne's planning scheme, including changes to plot ratios and setbacks, mean another opportunity to develop a landmark project on a site of this size will be unlikely.
"It is one of the last sites in Melbourne with a permit for a high rise tower to 33 levels, and high profile corner land holdings such as this are also in short supply," Wolman says.
"As such, we fielded significant interest in what was a very affordable development site on the cusp of Melbourne's popular city fringe.
"We are likely to see a continuation of the trends we saw in 2015, with limited sites now available across inner city locations."
The location offers access to CityLink via Kings Way and provides direct access to Melbourne's freeway network.
De Luise says any future development would benefit from a number of amenities in the area.
"The area is surrounded by a significant list of amenities and city landmarks including Southbank's River Promenade, the South Melbourne retail and culinary precinct, Royal Botanic Gardens and Melbourne's famous arts and sporting precincts," De Luise says.
"The Crown Casino entertainment precinct is home to some of Melbourne's most highly regarded restaurants, hotels, high-end luxury retail and cinemas, as well as the casino."