This article is from the Australian Property Journal archive
A CHINESE developer has spent nearly $10 million buying a corner development site in Melbourne’s inner east, permitted for 31 apartments designed by architects Jackson Clement Burrows.
Located at 43 Riversdale Road, Hawthorn, the 1,698 sqm site has a 34-metre frontage to Riversdale Road plus 62 metres to Through Street and has residential growth 1 zoning.
The $9.7 million sale was managed by Benson Zhou, Julian Heatherich and Nick Garoni of Savills and represented a land rate of $5,712 per sqm and a unit rate of $312,903.
“The luxury apartment market continues to see unwavering demand from developers who are confident in strong apartment resales allowing them to compete aggressive to secure sites,” Zhou said.
Heatherich said the level of enquiry seen on development sites in the past six weeks has increased substantially as developers are looking to secure sites before the end of the year.
“With 152 enquiries throughout the campaign, it is clear that developers are eager to add to their pipelines for 2022, and opportunities Melbourne’s premium suburbs such as Hawthorn are a rare commodity.”
Hawthorn’s median house price of $2,575,000 has resulted in many buyers being priced out of detached dwellings. Heatherich said this is reflected by the immediate area’s high level of apartment development activity, and a strong median unit price of $1,453,750 for three-bedroom apartments in the suburb, according to realestate.com.au.
