This article is from the Australian Property Journal archive
THE Real Estate Institute of Victoria has sold its Camberwell home of nearly 50 years to high-end residential developer Angle.
The 335 Camberwell Road asset occupies a prominent 3,808 sqm site in Melbourne’s leafy inner east. The property comprises an existing office building of 2,070 sqm with 45 metres of Camberwell Road frontage and parking for 60 cars.
CBRE’s Tom Ryan, Scott Orchard, David Minty and Nathan Mufale negotiated the sale at a sale price reflecting a land rate approaching $7,000 per sqm, which shows around $26.5 million.
“The sale of 335 Camberwell Road is a great outcome for the REIV and our members, which will allow us to relocate our headquarters to a property which better suits our needs,” REIV president Jacob Caine said.
Eight bids came from interstate and local buyers.
“Camberwell is a very dependable location drawing strong demand from a variety of buyer types. REIV House was no exception, with versatile improvements, underutilized landholding and diverse surrounding context suiting numerous possibilities,” Ryan said.
Angle director Lachlan Gibson said, “We have a strong focus on delivering exceptional projects which complement their locations, and we are confident that Camberwell Road will be another great example of this.”
Minty said the depth of buyer interest reflects the strong demand for quality sites of scale suiting highly saleable residential product, and that it most keenly sought by developers with confidence in the local downsizer and owner occupier buyer market and work being done on a new Camberwell Junction Structure Plan.
In August, boutique property developer Piccolo splashed out circa $35 million on a prime residential development site in the nearby Kew precinct. The 8,474 sqm site at 18 Barry Street will be transformed into a $180 million luxury residences offering with architecture by Woods Bagot and interior design by Hecker Guthrie.
Around the same time, a Hawthorn office building that was formerly home to Bunnings traded for $17 million, and is now in the hands of United Petroleum founders Eddie Hirsch and Avi Silver.
Also this year, Qantsruct paid $17 million for 85-87 High Street in Kew Junction, and a land-rich fully-leased 1,570 sqm site nearby sold for $12.8 million, while Pixel Technologies paid a speculated $23 million for 677 High Street in East Kew.
In October, the Dumbrell family lobbed the four-level, fully leased building at 17-27 Cotham Road to the market with hopes of circa $20 million.
