Prime Apartment Development Site Sells for $7.3M In Melbourne’s Camberwell Junction

A highly sought-after development opportunity in the heart of Melbourne’s inner-east has been successfully sold, with the vibrant Camberwell Junction precinct including approved plans for a luxury apartment complex comprising 15 premium residences.

Representing a rare chance to deliver high-end living in one of Melbourne’s most desirable locations, the Rotherwood Apartment block at 570 Riversdale Road, Camberwell, sits on a substantial landholding of 2,140sqm, trading for $7.3 million on a short settlement equating to a healthy unit rate of c$490,000.

Rotherwood has a historical connection to iconic comedian Barry Humphries’ father, who built it in 1939 as a high-quality apartment block designed to cater to the growing demand for premium housing in Camberwell during that era. Named after Humphries’ great uncle’s home in Bromborough UK, it stayed in the Humphris family until 2021.

Not surprisingly the campaign attracted significant interest, generating over 120 enquiries and multiple competitive offers, ultimately being purchased by an experienced local developer.

“This was an exceptional opportunity to deliver a luxury residential project in a high-demand location,” said Julian Heatherich, Director, Commercial Sales at Savills Australia and New Zealand.

“The sale underscores the continued demand for prime development sites in Melbourne’s inner suburbs and reflects current market trends, where expectations are being recalibrated, and such sites remain a top priority for many developers.”

“Following unsuccessful attempts by other agencies to sell the property the eventual purchaser was sourced through Savills’ extensive network of underbidders, and we have a number of groups on our wait list looking for similar opportunities,” added James Latos, Associate Director, Commercial Sales at Savills Australia and New Zealand.

Beau Bakhtani, Sales Executive, Commercial Sales at Savills Australia and New Zealand said, “This sale demonstrates the resilience of Melbourne’s premium residential market and the eventual buyers will no doubt be looking to take advantage of the site’s position within the Camberwell Junction Activity Centre allowing increased heights.”

The property is located in one of Melbourne’s most prestigious suburbs, with easy access to top schools, scenic parks, and a range of high-end amenities, making it the perfect location for luxury apartment living. It is within walking distance of the Camberwell Junction Shopping Precinct, offering a mix of boutique retail, major national stores, and the popular Sunday Market.

With its strong appeal, exceptional location, and high-quality development potential, the sale of this property underscores the ongoing demand for prime development opportunities in Melbourne’s inner-east.