A local developer has snapped up a significant site in Fishermans Bend amidst growing appetite for property in this burgeoning precinct.
“The property had no permit in place but did have the benefit of an eight level height limit, three street frontages and an architectural feasibility for 84 apartments,” Colliers International’s Hamish Burgess said.
“We are continuing to see strong confidence in the South Melbourne area from developers who are attracted to its convenient inner city location and strong median house prices."The sale involved a 1,237sqm site at 37-47 Thistlethwaite Street for $7,525,000 on behalf of a private owner-occupier following strong interest from multiple bidders.
“Plot ratio changes in the Melbourne CBD have also put further supply pressure on ‘developable’ land, making fringe precincts such as Fishermans Bend and South Melbourne attractive alternatives," Mr Burgess said.
This Thistlethwaite Street campaign also generated significant interest from both local and offshore developers who were attracted to the site’s convenience and proximity to the Melbourne CBD but also the activity and gentrification of the Fishermans Bend precinct.
Colliers International’s Trent Hobart said interest in the Fishermans Bend precinct was going from strength to strength on the back of a number of projects in the precinct achieving strong pre-sales with encouraging sales rates.
“Melbourne’s city fringe, and more specifically South Melbourne and Fishermans Bend, has seen considerable capital growth in the past two to five years and as such vendors are seeing this as a window of opportunity to capitalise on favourable selling conditions, where demand continues to outweigh supply,” he said.
“These sales are just the latest in a flurry of activity we are witnessing in this area as it becomes increasingly sought after.”