This article is from the Australian Property Journal archive
A MELBOURNE developer has paid $3 million for a St Kilda site with plans to build a five level apartment project.
Located at 12-18 Martin Street, the 1343 sqm site has a 35 metre frontage and is zoned Mixed Use.
Savills Australia’s divisional director – city sales and investments Nick Peden and Ryan McCormack handled the Expressions of Interest campaign.
Peden said the sale had attracted more than 50 enquiries and a number of subsequent bids. He added that strong level of enquiry reflected the recent spike in what had been a longer term trend to apartment living.
“The increasing popularity reflects current affordability issues with regard to stand alone housing, rising interest rates to a degree, and a general shortage of housing which is providing opportunities for developers,” Peden continued.
The property currently comprises three older style warehouses that are separately occupied on a short term basis returning $66,302 per annum.
Australian Property Journal
