This article is from the Australian Property Journal archive
A LOCAL developer has snapped up a corner development site with a permit for a boutique apartment in a deal worth $4 million.
The 2-8 Barry St property, comprising a 1,263 sqm site was sold via a private sale campaign by Savills Julian Heatherich and Jesse Radisich.
The site was sold with approval for 39 apartments including 9 one-bedroom units and 30 two-bedroom units as well as 60 car spaces.
Heatherich said the property received an overwhelming response from developers both local and offshore, ultimately selling at what is understood to be a record for the area of $102,564 per approved unit.
“With 47 metres St frontage as well as 26 metres laneways along the northern and southern boundaries, a very flexible zoning regime and a permit for 39 apartments, the property presented as a fantastic development opportunity with superb access and the enquiry fully reflected that opportunity,” Heatherich said.
Radisich said the fact that the property was also located within immediate proximity of the Sydney Road retail strip, schools including RMIT, parks and public transport, added further to the property’s value.
Australian Property Journal
