This article is from the Australian Property Journal archive
A “VERY experienced” local developer has secured the former State Savings Bank of Victoria site on Sydney Road in Melbourne’s inner suburb of Brunswick for $4.6 million, ahead of competition from domestic and Chinese groups.
Jesse Radisich, Nick Peden and Benson Zhou of Savills marketed 836-842 Sydney Road while Hodgson Partners was the transaction manager. Six offers were received from 121 enquiries.
The circa-1913 building was packaged with a hardware store at number 836-838 and a hair and beauty salon at 842, for a total building area of 1,000 sqm. The offering is zoned Commercial 1 zoning and came with vacant possession.
A development scheme for the site with 57 apartments and retail across six levels has been prepared for the site. The Romanesque bank building has a heritage overlay.
“The past 1-2 weeks in particular has seen a noticeable rise in interest levels from the developer market in securing new sites to progress their pipeline, with renewed confidence continuing to build throughout the residential market more generally,” the agents said.
The site is close to the intersection of Moreland Road and Moreland train station, and a brand new Woolworths supermarket.
The vendors were a local family that had operated the hardware store and picked up the neighbouring property over six decades.
