This article is from the Australian Property Journal archive
A STRATEGIC landholding at Parkville in Melbourne has sold for $12.05 million after attracting significant interest from overseas investors.
The 3,221 sqm site, currently home to the Parade Inn motel, was offered under instructions from Michael Long of Septimus Jones & Lee.
CBRE’s Ed Wright, Mark Wizel and Josh Rutman and CBRE Hotels’ Scott Callow said this was the first time the 535-541 Royal Parade site has been listed for sale since the early 1980s.
“The public marketing campaign drew very strong interest with over 185 genuine enquiries from a range of local and offshore groups.
“We received 12 Expressions of Interest, with the eventual purchaser out bidding several off shore parties to secure the property,” he added.
“The sale of Royal Parade, which is subject to a height limit of 14 metres and significant setback restrictions, is further evidence of the pent up demand for properties in sought after inner city locations,” Wright said.
Wizel said the international marketing campaign attracted strong buyer interest from Malaysia, Singapore and mainland China.
“While some industry commentators have suggested the potential for development site prices to plateau in recent campaigns, the result on 535-541 Royal Parade further highlights that premium prices can be achieved by agents who know how to strategically market properties to the local and off shore market,” Wizel said.
The transaction follows the recent sale of city fringe development sites at 15-27 Wreckyn St North Melbourne for $12,300,000 on behalf of the Lort Smith Animal Hospital and 73-77 Wellington St Collingwood for $8,800,000 for the Smith Family.
Australian Property Journal
