1-17 Adams Street, South Yarra
A prestigious South Yarra development site has sold and settled in a $6.1 million deal, as demand remains in the market for high-end product and sought-after locations.
Fitzroys’ Lewis Waddell, Ben Liu and David Bourke sold 1-17 Adams Street, South Yarra to a local high-end residential developer.
The sale price showed a strong land rate of circa $8,000 per sqm after Fitzroys’ campaign generated more than 100 enquiries.
Offered with vacant possession, the 774sqm General Residential-zoned site is currently improved by two aged brick apartment blocks.
“The market recognised the prestigious location and corner aspect of the site, close to the amenity of Toorak Road, South Yarra and the Domain precinct, as well as the new Anzac Metro station, and Fawkner Park,” Waddell said.
“The purchaser will assess their options for the site – they’re currently looking at apartment and townhouse schemes.
“High-end development product and premium locations are still stacking up for developers despite headwinds.
“There is huge appeal in the rare nature of development sites within proximity to Domain Road and the Botanic Gardens.”
Liu said interest also came from value-add buyers looking to improve the existing apartments and hold the property as an investment.
He said the campaign and the sale showed the confidence from the market in the prospects of well-located commercial real estate opportunities in Melbourne.
“Momentum has been building throughout 2025 across a range of asset classes – we’re seeing more depth of enquiry and more competitive tension in campaigns, and deals are being done,” he said.
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