Parkville site set for redevelopment after selling for $3.12m

12 December 2023

The $3.12 million sale of a versatile Parkville landholding has reaffirmed the demand for rare opportunities to deliver residential product in the heart of Melbourne’s largest and most coveted healthcare, research and education precinct.

Fitzroys’ Chris Kombi and Ben Liu sold the 452sqm site at 32 Park Drive on behalf of a vendor that had held the property for over 45 years.

The sale price reflected a high land rate of around $7,000 per sqm.

The purchaser is a developer looking at a boutique residential redevelopment of the site, which is within a Neighbourhood Residential Zone. It was sold with an existing two-storey residential building comprising 13 rooms and a triple car garage at rear.

Kombi said more than 70 enquiries were received during the campaign, mainly from developers and value-add investors.

“This was a very rare opportunity to occupy, invest, refurbish or redevelop in the heart of Melbourne’s largest and most coveted healthcare, research and education precinct,” he said.

Kombi said the site is located just metres from The Royal Melbourne Hospital, The Royal Woman’s Hospital, Peter MacCallum Hospital, The Royal Children’s Hospital, University High School and the University of Melbourne, and the excellent public transport options nearby will be further enhanced by the under-construction Parkville Train Station, part of the Victorian Government’s $11 billion Metro Tunnel project.

“The location within Melbourne’s major healthcare, research and education precinct speaks for itself – there’s already a worker and student population of over 165,000 people and there’s obvious demand for residential product in the area,” Kombi said.

“The under-construction Parkville Train Station made this all the more appealing as a highly connected location offering easy accessibility to the fantastic hospitality and lifestyle offerings of the CBD and surrounding inner suburbs.

“It’s been widely publicised that there’s a difficult lending and operating environment in the building sector but the quality of and clear demand for the location gave developers huge confidence to compete for this site.”