A mixed-use development site in Melbourne's Ascot Vale has been purchased at auction by Pace Development Group from a private family vendor for approximately $12 million.
The site, located at 327-357 Mt Alexander Road, Ascot Vale, comprises a total land area of 3,826 sq m with three street frontages totalling approximately 171 metres onto North Street, Moonee Street and Mt Alexander Road.
At the time of sale, the property has a number of tenants in the healthcare, retail and entertainment industries, collectively generating $204,000 in rent per annum. Tenants include ASGO Enterprises, Roneo, OZFAM Films and Back in Motion.
Cushman & Wakefield’s Nick Bourke and Tristan Parker managed the sales campaign.
Commenting on the sale, Nick Bourke said, “The Melbourne city fringe continues to attract strong interest from investors through this campaign, with a broad range of local and offshore bidders seeking quality development sites.
“The majority of the population in Ascot Vale is under 35 which has created a conducive environment for the apartment and first home buyer market. These demographics are driving interest from developers in the local area looking to capitalise on strong demand.”
Tristan Parker said, “We are pleased to have successfully completed the sale and secure a strong outcome for the private vendor. The site attracted high caliber developers due to its location along the major arterial roadway, multi-street frontage and importantly, income from a number of short term tenancies that assist while development permits are approved.”