An off-shore developer has paid $7.2 million at a record land rate for a Doncaster development site with plans for a retail and residential redevelopment.
According to selling agent, Savills’ Divisional Director, Nick Peden, who brokered the deal with Executive, Jesse Radisich, the price, at $4467 a square metre, represents a record land rate for Doncaster.
"The sale campaign generated very strong interest with nearly 150 enquiries from a range of buyers including local and off-shore developers, investors and owner-occupiers," Mr Peden said.
"We were expecting $6 million plus and with that sort of response in a strong market it was not that much of a surprise that the property sold for more than $7 million.
"It was also a reflection of the sort of results that can be achieved through a competitive on-market sale process."The 1612 sqm, 1027-1029 Doncaster Road property, is positioned in the midst of the East Doncaster retail precinct with extensive street frontage, exposure to an increasingly busy thoroughfare, and Commercial 1 zoning.