This article is from the Australian Property Journal archive
SYDNEY based developer Pembroke Developments has teamed up with Melbourne’s Podco to buy a rare permit approved residential development site at Clifton Hill for $6,025,000.
CB Richard Ellis’ Scott Orchard and Alex Zent negotiated the sale on behalf of the vendor that occupies the majority of the site.
Orchard said developers were attracted to the opportunity because it allowed for a boutique project – the size of which was extremely sought after given the continuing strength of Melbourne’s inner suburban housing market.
“This densely populated area of Clifton Hill regularly experiences strong results with the sale reflecting a solid outcome translating to a price of approximately $2000 per sqm,” he added.
The 84 Roseneath Street site is zoned Residential 1 and includes approved plans and permits for a medium to high density development and has a total site area of 3,081 sqm.
The property is located within walking distance of Clifton Hill Train Station and offers immediate access to the Eastern Freeway and CBD.
Australian Property Journal
