The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
ResidentialStaff WriterSun 26 Jul 15

Developers Snap Up Neighbouring Properties As Residents Make Most Of Demand

1

Two homeowners in Glen Iris are the latest example of residential vendors in Melbourne’s suburbs teaming up to sell their neighbouring properties to a developer.

Colliers International’s Ben Baines, Ted Dwyer and Hamish Burgess have sold two neighbouring properties at 1520 High Street and 65 Erica Avenue in Glen Iris as a 830sqm residential development site to a local developer for $3.4 million.

The campaign received over 105 enquiries, with the property being sold only 24 hours after the EOI period closed. The final sales price resulted in a record land rate for the area of $4,096/sqm.

"Both owners received approximately 30 per cent more through the process of selling to a developer than they would have done had they sold their houses individually," Mr Baines said.

1520 High Street, Glen Iris[/caption]Colliers International has seen a growing number of residential vendors in Melbourne banding together to put their properties to market conjunctionally as they look to capitalise on strong appetite for development sites.

Nearby in Kew East, Colliers International’s Peter Bremner and Hamish Burgess have sold two neighbouring properties at 831-835 High Street to a Chinese developer.

As in Glen Iris, this 2,377sqm residential development site consisted of two properties each with a residential dwelling on site, which were marketed together. A site feasibility study by Buchan Group Architects revealed the site could provide for a three-level, 52 apartment development with basement parking.

[urbanRelatedPost][/urbanRelatedPost]Mr Burgess said after receiving in excess of 130 enquiries, the property was hotly contested by a number of parties and the price, whlilst undisclosed, was driven above expectations.

These two sales follow the acquisition of four side-by-side properties at 170-176 McKinnon Road in McKinnon by local developer Citiplan Property.

In this instance, Mr Burgess, Mr Bremner and colleague Andrew Ryan assisted four separate owners in joining forces to sell their properties for $4.18 millionMr Baines said agents were also seeing an increase in activity from Asian buyers in Melbourne’s metropolitan market as this buyer group began to look outside the CBD. He said around 70 per cent of enquiries for this kind of property with development potential was now coming from offshore groups.

ResidentialAustraliaReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
First projects named in a statewide plan to fast-track supply, including thousands of homes in a major growth region…
LATEST
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
2 Min
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
3 Min
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
2 Min
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/residents-team-up-to-sell-neighbouring-properties