Developer Danny Avidan has sold a site in Melbourne’s suburb of Fitzroy for a third more than he paid for it, netting a tidy profit for future projects.
Founder of Dare Property, Avidan has sold the site at the corner of St David and Napier streets to Maurice Romano’s RPG for $6.05 million, as reported in other media.
The 398sq m site at 235 Napier Street, Fitzroy, was originally intended as a hotel with 44 rooms, six storeys, retail on the ground floor and then two levels of carparking.
Dare Property bought the site for $4.56 million in 2021 before applying for and getting the hotel permit for the site.
Plans then changed as the company applied to amend the permit to 14 apartments with ground-floor retail while retaining the same shell and design.
The site now consists of a warehouse.
Cushman and Wakefield’s Leon Ma, Daniel Wolman, Alexander Leggo and Marcus Neill managed the transaction.
Speaking to The Urban Developer, Avidan confirmed that the sale was due to the increased value of the site as well as a desire to continue with other projects in the company’s pipeline.
“We decided to sell the Napier Street site because of the uplift in value,” Avidan said.
“We are going to develop 16 apartments across the road at 33 Saint David St, which we also own.”
Avidan also confirmed that the company would be looking at another mixed-use site at East Melbourne.
As reported in other media, industry speculation says RPG may opt to develop the Napier Street site as an office project.