Blackburn Site Sells For $4.6 million

A Blackburn site in a prime retail precinct has been sold for $4.6 million to a mainland Chinese development group.

CBRE marketing agents Julian White, Ed Wright and Mark Wizel negotiated the unconditional sale of 55-65 Railway Road following an Expressions of Interest Campaign.

Eleven EOIS were received for the 1,472sqm site, which has a permit for 30 apartments and eight shops over three levels.

Mr White said the campaign had generated a significant amount of enquiry and fierce buyer competition.

“Suburban land holdings with permits, which are close to public transport, are in hot demand at the moment,” Mr White said.

“Strong interest was received from offshore buyers as well as a number of local groups, keen to secure projects that can be delivered quickly to the market to tap into the current owner occupier demand for end apartment product.”

The deal represents the seventh suburban Melbourne development site sale to be completed by CBRE since early March 2015 and brings the tally of sales to approximately $93,000,000. The buyer activity has predominantly involved mainland Chinese group.

The site was sold at a rate of $120,000 per planned unit - the highest ever achieved in Blackburn.

The site is located just 100 metres to the Blackburn Train Station.


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