This article is from the Australian Property Journal archive
SPECIALIST valuation and transaction firm LAWD is expanding its metropolitan development market presence, with three high-profile Melbourne transactions.
The deals in Port Melbourne, Bayswater and Fawkner follow the sale of two rate infill sites over recent weeks, while also marking the firm’s ongoing growth from its original focus on agribusiness and greenfield development offerings.
“I think this very clearly demonstrates the ability of the LAWD team to consistently achieve great outcomes for our clients regardless of business conditions,” said Lukas Byrns, director of development at LAWD.
The sale in Port Melbourne was of a vacant development site at 59 Johnston Street, sitting less than 200 metres from the beach, and including permits for nine luxury apartments designed by Kennon.
In Bayswater, a 3.22-hectare development opportunity, Twenty-six Waldheim Road, was sold after being listed for private sale for $7.2 million.
The site is zoned General Residential Zone-Schedule 1 and is one of the last remaining opportunities to secure a substantial holding in the tightly held Inner-Eastern corridor.
In Fawkner, a 2,486sqm corner site at 6-8 Seacombe Street was sold, including a church, hall, three-bedroom house and amenities sitting just 11.6km north of the Melbourne CBD.
At the same time, LAWD Projects has begun collecting registrations of interest for its Kings Lane, South Kingsville development spanning 25 three- and four-bedroom townhouses.
The project is located eight kilometres from the Melbourne CBD and is set to be launched in April.
“It’s an exciting time to be in the market and LAWD is fulfilling its goal to be a significant presence in driving Melbourne’s ongoing evolution and economic growth,” said Peter Sagar, senior director of development at LAWD.
“Already, LAWD has a proven sales record in selling large englobo sites, industrial sites, master-planned communities (and superlots within master-planned communities) in all greenfield growth corridors in the Melbourne region. We are now proving the effectiveness of our approach in infill development.
“Over the past 18 months, our commercial development transactions across Melbourne alone have reached in excess of almost $1 billion in value, and we will continue to apply our bespoke marketing approach across diverse asset types.”
LAWD recently managed the sale of a major industrial development site in Melbourne’s southeast urban growth corridor in Officer, acquired by ASX-listed Eildon Capital Group.
