Port Phillip Housing Association and the Victorian State Government have paid $10.1 million for a St Kilda apartment property following an Expressions of Interest campaign which drew more than 150 enquiries, including off-shore interest, necessitating a two stage buyer elimination process.
The 6 Tennyson Street site, comprising three apartment buildings, totalling 50 units, on a substantial 2370 square metres of land, sold for $4,200 a square metre.
According to selling agency Teska Carson, the campaign drew enquiry and formal interest from local and offshore developers, accommodation operators and investors.
"We expected the property to draw a lot of interest but we were overwhelmed by enquiry and formal expressions of interest requiring a two stage EOI process, with a stage one shortlist and a second stage final competitive process," Teska Carson Director Larry Takis said.
"Ultimately it was a great result for the family vendor, which had held the property for more than 80 years, but also a great result for the purchaser which stands to benefit from the property’s enormous upside."Teska Carson Executive Anthony Choi said the property‘s corner situation with exposure to two street frontages and additional access from a right of way, along with the flexible General Residential Zone, and the St Kilda address, provided purchasers with numerous potential options including redevelopment, refurbishment and subdivision.
"This was easily one of the best opportunities presented to the market in St Kilda in years," Mr Choi said.
"The location provides access to every amenity in one of Melbourne’s most popular inner suburbs and offers exceptional access from a development point of view.
"It would be hard to find an area of Melbourne which boasted a more comprehensive list of top tier amenities and lifestyle attractions."The property was sold with short term income from existing residents.