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Camberwell Development Site Sells In Hot Contest

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A development site with an approved permit for a four-storey apartment block has been sold in Camberwell in Melbourne's eastern suburbs.

Colliers International’s Trent Hobart, Hamish Burgess and Ted Dwyer have sold a 4,283sqm site at 1-11 Quinton Road in Camberwell.

It is estimated to have sold for approximately $15million.

The site was established after the previous owners acquired six neighbouring properties over several years to create one substantial site. The collection of six adjoining houses encompasses the entire residential road known as Quinton Road.

The site was offered for sale with an approved permit for a four-storey building comprising of 80 dwellings, 101 car spaces and a net saleable area of 5,357sqm.

“It has been abundantly clear that the sale of 1-11 Quinton Road in Camberwell represents a new benchmark for development sites in the eastern suburbs for 2015,” Mr Hobart said. “With fierce competition and multiple unconditional bids, this offering demonstrated the inherent and continuing demand for well-located development opportunities in the inner eastern suburbs."Mr Burgess said: “With a migration of developers, both local and offshore, to the outer suburbs this campaign was testament to the fact that many of these groups have become more interested and comfortable in suburban locations."The property attracted strong interest with its unique position bordering Back Creek and its close proximity to the city.

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Article originally posted at: https://theurbandeveloper.com/articles/1-11-quinton-road-camberwell