This article is from the Australian Property Journal archive
NEARLY 2,200 sqm of land over three titles in a blue-ribbon Melbourne suburb has sold to a local developer, for a figure believed to be nearing $16 million.
The Armadale supersite sprawled across 2,186 sqm at 79 & 81-83 Wattletree Road came with an existing permit for 38 luxury apartments and a blended average internal size of 96 sqm.
“Whilst the price is undisclosed, the sales price has set new benchmarks for this Armadale precinct and is well more than the initial quote range,” Gross Waddell ICR selling agents Danny Clark, Alex Ham, Michael Gross and Raff De Luise said.
Ham said several smaller sites had sold in and around Armadale over the past six to 12 months and achieved around $400,000 per apartment, with this sale “exceeding all market metrics”.
“The growing sentiment in the residential sector is seeing developers actively hunting key projects, due to continued demand from owner occupiers,” he said.
The expressions of interest campaign generated over 230 enquiries and 13 offers.
“The property was purchased by an astute developer who proposes to redefine the luxury living in Armadale and the sheer depth to the enquiry is testament to buyer demand for blue-chip developments in the inner-ring of Melbourne,” Clark said.
“The campaign was one of the most hotly contested campaigns we have been involved with for some time and saw enormous amounts of enquiry from offshore developers, local established developers and premium builder/ developers.”
Gross said it luxury developments of this size rarely hit the market in premium suburbs.
Charter Keck Cramer acted as transaction manager.
