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
OtherStaff WriterTue 09 Feb 16

Swan Street Site Sold For $4.5 Million Over Reserve

S

Fierce bidding for a  Richmond development site culminated with a private buyer securing the property for $18.2 million - $4.5 million above reserve.

CBRE’s Victorian Development Sites team of Mark Wizel, Julian White and Paul Tzamalis negotiated the sale of 370-374 and 376-380 Swan Street, which represented the second successful sale of a prominent Swan Street site by CBRE within as many weeks.

At the conclusion of the Expression of Interest campaign, 15 offers were received between $10 million and $12 million from local and offshore groups. As a result of this strong level of interest, a strategic decision was made to sell the 2,151sqm property via an exclusive ‘showroom’ auction.

As a result, fierce bidding was witnessed at the auction - with bidding from eight different parties.

Mr Wizel said whilst the buyer was local, the prominence of Chinese under bidders confirmed that offshore developers are actively seeking development opportunities that they can land bank in the short to medium term, implying the long term view of their investment.

“It is also becoming apparent that suburban locations, such as Richmond, which have historically not been popular with Chinese buyers are now well and truly on the radar,” said Mr Wizel.

Mr White said the sale price indicated a rate of nearly $8,500/sqm - a clear record for Commercial 2 zoned land in Melbourne.

“Prime land banking opportunities with solid holding income continue to surface as a primary choice for developers, with buyers attracted to the potential to add to the development pipeline for the future,” Mr White said.

“Areas such as Swan Street, Richmond, as well as other urban renewal precincts in Collingwood, Abbotsford and Cremorne are high on the wish list for all developers,” Mr White added.

The private vendor had owned the property for decades and deemed the current strong development appetite in the Richmond area as an ideal time to sell.

OtherAustraliaReal 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
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

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
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 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
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
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/swan-street-richmond-site-sold