A development site in Mordialloc has been sold for $8.85 million in a move that will make way for a significant residential project in Melbourne’s south-east.
CBRE Victorian Development Sites in conjunction with Gross Waddell negotiated the sale of 2 Park St and 76-76A Albert Street to a local buyer on behalf of a private vendor.
The 6,949sqm site was sold with planning permit approval for a residential project comprising 95 apartments and 11 townhouses. The sale reflected a strong rate of $83,500 per unit.
CBRE’s Scott Orchard said the Expression of Interest campaign generated strong interest from more than 150 parties, both local and offshore.
“While a notable proportion of the under-bidders were offshore mainland Chinese groups, there was strong local interest in the property, which is testament to the strength of the domestic market,” Mr Orchard said.
“Buyer appetite for development sites in middle to outer suburban areas such as this is continuing to strengthen, with the lack of housing affordability providing developers the confidence to successfully sell down apartment projects in these outer locations that still have sound fundamentals.”
Gross Waddell’s Michael Gross went on to say the property’s sale would make way for a landmark project in Melbourne’s south-east.
“This will be the most significant apartment project in the Mordialloc region and one of the largest residential development site transactions to occur in the bayside suburb,” Mr Gross added.
The sale campaign was on behalf of private investor The Hermal Group, who’s CEO Clinton Tilley manages business interests that currently occupy the site.