This article is from the Australian Property Journal archive
A SUPERSITE comprising the Daily Planet and adjoining in Melbourne’s south-eastern suburb of Elsternwick has been snapped up by a developer for $12.66 million.
Agents Gross Waddell’s Alex Ham and Benjamin Klein said the sale price reflects $10,218 per sqm across the combined land area of 1,239 sqm, which they believe is a new record land rate for Elsternwick.
The agents sold the sites at auction in front of a crowd of some 200 people.
The three properties were offered consecutively with the first auction being 7-12 Horne St (The Daily Planet) offered under instructions from Ferrier Hodgson as liquidators.
7-12 Horne St
- Land Area: 829m²
- Sale Price: $8,850,000
- Land Rate: $10,675/m²
13 Horne St (three storey office building)
- Land Area: 205m²
- Sale Price: $1,905,000
- Land Rate: $9,292/m²
15 Horne St (single storey warehouse)
- Land Area: 205m²
- Sale Price: $1,905,000
- Land Rate: $9,292/m²
“We received over 250 enquiries throughout the campaign mainly due to the recognition of this iconic asset and the substantial combined landholding. All three properties 7-12, 13, 15 Horne St were purchased by the one group, a locally based development company,” Ham said.
“The purchaser’s intentions are to design and develop a landmark mixed use project with the benefit of views of Port Phillip Bay (STCA),” Klein said.
Australian Property Journal
