Carlton Target Of Buying Blitz

The inner-city suburb of Carlton is shaping up as the hottest property spot in Melbourne, with two properties selling for high prices to developers this week.

An Asian developer has snapped up 4-12 Leicester Place, Carlton at auction for $9.1 million - $4 million more than its reserve price.

More than 100 people attended the auction for the 709sqm property, which currently houses a factory that has been in the same family for more than 40 years.

The property was hotly contested for by six bidders with two bidders fighting out the final million in $100,000 bids.

The site has strong potential for redevelopment, with the site in the proposed C196 Amendment Area which could see the height limit for properties increased to 40 metres.  The site has three street frontages and is close to the Melbourne University.

The selling agents were Joseph Carbone and Frank Vinci from Vinci Carbone.

Earlier this week, Singapore developer Chip Eng Seng sold a vacant development site at 170 Victoria Street, Carlton for $64.8 million.

The property, located on the corner of Victoria Street and Bouverie Street, currently has a planning permit for a a 72- storey, 1,035 apartments, multi-storey mixed use high rise development called 8 Bouverie Street.

Above: 4-12 Leicester Street in Carlton is close to the city and Melbourne University.

Below:170 Victoria Street was sold for $64.8 million this week. It has a Planning Permit for a 72-storey tower called 8 Bouverie Street.