This article is from the Australian Property Journal archive
PRIVATE developers have snapped up two car dealership properties in inner Melbourne for $3.55 million.
CB Richard Ellis agents Scott Orchard and Justin Clarkson negotiated the sales of the adjoining Ripponlea properties in deals totalling $3.55 million.
The properties have been occupied by Ripponlea Motors for more than two generations.
Orchard said both properties had been sold to mid-sized private developers, with the sites likely to make way for high density residential apartment projects.
He added that the transactions point to the strength of the Melbourne residential market.
“The insatiable appetite for end residential product in Melbourne is continuing to drive interest in small to large sites capable of supporting residential development projects.
“The Ripponlea sales represent strong results, which highlight the interest in well located, inner suburban opportunities,” he continued.
Both properties were listed for sale on behalf of the owners of the Ripponlea Mitsubishi business following a decision by the high profile motoring group to expand and relocate its business to Parkdale after over 40 years at Ripponlea.
In the larger of the two deals, the former Ripponlea Mitsubishi car dealership at 160 Hotham Street was sold for $2.5 million. The 1,042 sqm site is zoned Residential 1. The sale represents a price of $2,400 per sqm of land.
An adjoining 456 sqm Business 1 zoned site at 131-133 Glen Eira Road was sold for $1.05 million, representing a price of $2,300 per sqm of land. The vacant site was previously used for the storage of motor vehicles for the Ripponlea Mitsubishi business.
Clarkson said the properties had attracted strong interest, which he attributed to their development potential amongst the Ripponlea Village precinct.
”The properties are situated in one of Melbourne’s most tightly held and sought after localities.
”These sites provide unique opportunities for prudent developers to undertake landmark projects in an established inner suburban location to capitalise on the abundance of facilities and services available in the immediate locality,” Clarkson concluded.
Australian Property Journal
