This article is from the Australian Property Journal archive
A LOCAL developer has paid $3 million for a Hawthorn East site with a permit for apartments, and located in a development hotspot around Auburn train station.
Savills agents Benson Zhou, Julian Heatherich and Dorothy He sold the 416 sqm site at 22-24 Queens Avenue in Melbourne’s inner east.
“The sale of this permit approved site shows the ascending confidence in the development market, particularly for prime parcels of land in blue-chip inner suburban locations,” the agents said.
Several mid-rise apartment developments have gone up in the area in recent years.
The property is zoned Commercial 1 and has a 17 metre frontage to Queens Avenue, and backs onto the Burwood Road retail strip, near the intersection of Auburn Road. The site is also close to Glenferrie train station, the Glenferrie Road retail strip and Swinburne University.
