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Abacus Property Group has tapped into the strong Chinese developer interest in Melbourne with a $21.58m site sale in Doncaster.
The 4,245sqm land parcel is situated at 682-684 & 686 Doncaster Road and has permit approval for a mixed use development comprising 296 apartments.
The property has been snapped up by Chinese group Jinshan Investments in a deal negotiated by Mark Wizel, Julian White and Scott Orchard, of CBRE’s Victorian Development Sites team.
“The Chinese buyer interest in Australian property opportunities has not wavered, despite the considerable uncertainty in China at present,” Mr Wizel said.
“Doncaster and Melbourne's eastern suburbs continue to be the destination of choice for active Chinese developers seeking to undertake projects outside of the Melbourne CBD.”
The Doncaster Road site has two alternative permits, allowing for an 11 level mixed use development or a hotel development at 682-684 Doncaster Road.
Designed by renowned architects Peddle Thorp, the schemes provide for a communal roof terrace and five retail shops totaling 519sqm.
Mr White said the site’s prestigious location has been a key draw card for Jinshan, with the property situated at the peak of Doncaster Hill, affording the opportunity for panoramic views in all directions.
“Mum & dad style investors from China are continuing to actively pursue opportunities to secure Australian apartments. This is driving the insatiable appetite of Chinese developers looking to provide suitable product to meet the current buyer demand,” Mr White said.
Since March, CBRE has negotiated seven other property sales to mainland Chinese buyers in Camberwell, Canterbury, Mont Albert, Balwyn North, Blackburn and Box Hill. Sale prices ranged from $4.6 million to $18 million.
“The buyer of every one of these sites was mainland Chinese, who have a lot of confidence in these markets, because of the high median house prices to support apartment development, and because of the strong local Chinese population in these suburbs. We expect this trend to continue,” stated Mr Lewis Tong, head of CBRE’s Asian Services Desk.
