This article is from the Australian Property Journal archive
A SOUTH east Melbourne growth suburb has seen another major development site sale after a local group paid $11 million above the vendor’s reserve price to secure a 12.28 hectare site, with the final price coming in at $43 million.
Selling agents David Minty, Nathan Mufale and Jing Jun Heng of CBRE managed the sale of Lot 1, Rix Road in Officer, on the corner of Stephens Road.
There was a 26% uplift from the first round to the second via the expressions of interest sales process.
The land rate of $350 per sqm came in above other recent sales in the suburb.
The latest of those was the $25 million sale of three consecutive parcels at Lots 1, 4 & 5 Starling Road. The 12.06 hectare site sold to a Sydney based developer for after receiving more than 170 enquiries and 11 offers.
That followed the owners of a 3.6 hectare site netting $11.26 million from the sale of 65 Mary Street to Western Australian developer Satterley, after paying just $855,000 in 2005.
At the beginning of this year, 115 Bayview Road in Officer, with 7.31 hectares of developable land, sold for $16.23 million. Potter Group offloaded 110 Bayview Road in August for $7.2 million, while at the beginning of 2020 the 12.15 hectare site at Lot 2 Rix Road sold for $26.6 million.
