This article is from the Australian Property Journal archive
RESIDENTIAL developer AusGroup Property and Development has snapped up a prominent infill site at Nunawading in Melbourne’s eastern suburbs for $21.7 million.
Located at 56-74 Station St Nunawading, approximately 20 kms from the CBD, the prized site is only 10 minutes drive from QIC Global Real Estate’s Eastland shopping centre, which is undergoing a $500 million, and 12 minutes from Westfield Doncaster.
The former Daniel Robertson brickworks site comprises 4.9 ha of land and was sold by CBRE’s Paul Tzamalis and Justin Clarkson – in conjunction with Knight Frank’s Michael Hede and Ken Smirk, on behalf of the Robertson family.
The campaign and transaction was managed by Ian Dungey Property Advisory Services.
Tzamalis said AusGroup Property and Development fended off stiff competition and the site’s potential to be redeveloped for a residential outcome was a key selling factor.
“This prominent property, which has been privately owned by the Robertson family since the 1920s,is ideally suited to be transformed into a new residential development in the heart of Nunawading.
“The site has been earmarked for an imminent rezone to support residential development as part of Whitehorse City Council’s Mega Mile structure plan,” he added.
Hede said the EOI campaign attracted strong interest from both local and offshore buyers, with more than 40 enquiries received on the property, resulting in the transaction’s settlement two weeks prior to the close date.
“Prime development sites such as this in such close proximity to the Melbourne CBD are few and far between, which is evident by the strong level of investor interest shown in this property,” Hede said.
Smirk said the property the brickworks site has been the cornerstone of Nunawading since the late 1800s, giving rise to jobs and infrastructure for the area.
Clarkson said investors continue to target well positioned sites across Melbourne with development potential – as demonstrated by recent transactions over the past few months.
Property Review
