This article is from the Australian Property Journal archive
OPTOMETRY Australia has divested a prime 536 sqm Carlton landholding for $4.015 million as part of its new strategy.
A local investor bought the property located at 202-204 Drummond St in a deal negotiated by CBRE’s Paul Tzamalis, David Minty and Ed Wright.
The property offers two adjacent residential terraces and benefits from flexible mixed use zoning, offering residential development potential (STCA).
Tzamalis said the sale price represented a rate of over $2 million per terrace, a strong result due to the limited stock in the area. The last transaction along the street occurred in May 2015 at 23 Drummond St, with the single fronted terrace selling for $1.685 million.
“The recent sale demonstrated the strong market appetite for A-grade property opportunities, with over 130 enquiries received throughout the campaign,” he added.
“It is expected the buyer of the property will take some time to review plans for the property with a generous six months settlement. They hope to occupy the premise as a family home in the short to medium term and potentially redevelop somewhere down the track,” Wright said.
Australian Property Journal
