Two adjoining parcels of land have been sold with the intention of creating a substantial development site at the northern end of the Melbourne CBD.
Colliers International’s Daniel Wolman, Oliver Hay and Guy Wells negotiated the sale of the site at 221 Pelham Street, a former Reece Plumbing building with a recently approved permit for 55 apartments, and a strategic adjoining land parcel at 81-85 Barry Street.
The site, which was owned by Vaughan Construction Group, is more than 1,000sqm in size.
“Located directly opposite Melbourne University, these sites combined are one of the last big parcels of land in this popular precinct,” Mr Hay said.
"The property was purchased off market by a prominent UK-based student accommodation group, who fought off fierce competition to acquire the site. The sale represents the group’s first foray into the Melbourne market.”