This article is from the Australian Property Journal archive
A 1,370 sqm site in Melbourne’s inner bayside region has sold to a local developer for $7.9 million.
Mark Talbot and Shawn Luo from Fitzroys, along with Danny Clark and Michael Gross from Gross Waddell ICR sold 344-360 St Kilda Road, St Kilda on behalf of an owner who purchased the site over multiple transactions.
“The market recognised this site as the largest development opportunity in the suburb for some time, with nearly 200 enquiries received from enthusiastic parties,” said Talbot.
With the site zoned Commercial 1, the purchaser plans to use the existing permit for a six-storey mixed-use development, for a total of 4,743sqm net saleable area and residential space.
“Investors are recognising the growing attraction towards more spacious apartments with working from home spaces in inner-city locations, making projects such as these all the more attractive for developers,” said Luo.
The property, which is comprised of a single-level showroom and an office, is currently leased to tenants Tradelink and SMR Advertising.
“Enquiry came from developers looking to take on the existing permit, as well as many looking to explore alternative outcomes for the site, including commercial, hotel, retail and redrawn residential plans, attracted to the changes being seen in the area,” said Lou.
