This article is from the Australian Property Journal archive
RESIDENTIAL developer Noetic Places is paying $17.325 million to take on a controversial Melbourne bayside site.
The amalgamated 3,662 sqm parcel at 28-34 Service Street in Hampton has general residential zoning and was earmarked by previous owner Launch Corporation for a three-level, 39-apartment building with two swimming pools. Those plans were rejected by the Victorian Civil and Appeals Tribunal at the end of last 2021 after more than a year of proceedings, but by that time four houses on the site had been knocked over.
Colliers’ Hamish Burgess, Joe Kairouz and Jozef Dickinson sold the Service Street property on a land rate of $4,731 per sqm.
The property is within walking distance to the retail speciality stores along Hampton Street, 450 metres from Hampton train station and 600 metres from Hampton Beach.
“Hampton has and always will be highly prestigious and sought-after. Demand for top-tier sites in prime locations remains extremely strong,” Burgess said.
The site was contested by both local residential developers and interstate developers who were attracted by the beachside location and the 70 metres of north-facing street frontage.
“In proven locations such as Hampton, there is strong demand to supply the local owner occupier market comprising equity rich downsizers, returning expats, and aspirational younger families.”
“We are excited by the purchase and are now committed to a process of community engagement and design, ensuring a development appropriate to an incredible and important site, which will be named Noetic Place,” said the developer’s director Stephen Barrow-Yu.
Noetic Places is also developing Reunion Place in Hampton.
Colliers has recently sold bayside region development sites at 1 & 1A Centre Road in Brighton East and 19-25 Oakwood Avenue in Brighton.
“The successful outcome achieved on these sales is an acute example of an established market with consistent buyer demand driving developer appetite,” Burgess said.
