This article is from the Australian Property Journal archive
A VACANT showroom at 587-589 Elizabeth Street Melbourne has been purchased by an offshore developer for $3.8 million in a deal negotiated by Savills.
The two level showroom building on a site of 507 sqm currently has a permit in place for a 10 level residential tower, comprising 106 studio apartments.
The site is close to Melbourne’s CBD and RMIT and Melbourne University.
Nick Peden and Clinton Baxter said the property was keenly sought by several buyers throughout the Expressions of Interest sale campaign, before being sold to an offshore developer who plans on slight variations to the permit, before undertaking the development as soon as possible.
“The sale represents $7,495 per sqm of land, being a new record for the city fringe and highlights the strong demand from offshore interests,” Peden said.
“With the population growing rapidly, development opportunities close to the CBD are becoming increasingly rare, meaning we will continue to see record prices for good quality development sites,” Baxter said.
Australian Property Journal
