Chinese developer Orion Holdings has purchased a hotly contested development site in the inner-west suburb of Maribyrnong for $9.25 million.
The developer outbid local and overseas buyers for the 3,871sqm site at 2 Wests Road.
CBRE Victorian Development Site's Mark Wizel, Ed Wright and Jamus Campbell negotiated the sale on behalf of a private vendor. The Wests Road site was sold with vacant possession.
Mr Wizel said the sale represented an increasing trend for off shore developers to outbid local parties in order to secure development sites in Melbourne’s inner west.
“This sale represents the second suburban development site to be acquired by an off shore Asian group in as many weeks, further highlighting the demand from off shore groups for well-located development opportunities in well-established residential suburbs around Melbourne,” Mark Wizel said.
“We are seeing consistent sales of $5m plus development sites and buildings located outside of the CBD to offshore groups, which we feel is a positive sign of the strength and depth of the current market."The site is close to Highpoint Shopping Centre, cafes, restaurants and public transport services. The site also boasts permit approval for a two stage mixed use development with 192 dwellings plus ground floor retail.