This article is from the Australian Property Journal archive
CHINESE developer Orion Holdings has emerged as the buyer of a Maribyrnong development site in Melbourne's inner west, following a hotly contested campaign,
Orion Holdings has paid $9,250,000 for the 3,871 sqm site located at 2 Wests Rd Maribyrnong.
The site was sold by CBRE`s Mark Wizel, Ed Wright and Jamus Campbell.
It was sold with vacant possession and with a permit for a two stage mixed-use development comprising 192 dwellings plus ground floor retail.
Wizel said the sale represents an increasing trend for offshore developers to outbid local parties in order to secure development sites in Melbourne’s inner west.
“This sale represents the second suburban development site to be acquired by an offshore Asian group in as many weeks, further highlighting the demand from off shore groups for well-located development opportunities in well-established residential suburbs around Melbourne,” he added.
“We are seeing consistent sales of $5m plus development sites and buildings located outside of the CBD to offshore groups, which we feel is a positive sign of the strength and depth of the current market,” Wright said.
This latest transaction comes hot on the heels of an Asian developer paying $18 million for the Lexus of Blackburn site in Melbourne`s eastern suburbs.
CBRE`s Jamus Campbell, David Minty and Scott Orchard negotiated the sale of the 8,760 sqm site located at 160 Whitehorse Rd Blackburn earlier this week.
Lexus of Blackburn bought the site in 2010 for $11.36 million.
Australian Property Journal
