A prestigious luxury apartment development site in Melbourne’s inner south-east has been sold for
$5.488 million to a private local developer, after a highly competitive Expressions of Interest (EOI) campaign.
The sale was negotiated by Savills’ Benson Zhou, Julian Heatherich, Cam Zamora and Nick Garoni.
Located at 1445-1447 High Street in the revered Glen Iris pocket, the property has permit approval for a 4-level apartment project meticulously designed by renowned architects Ewart Leaf. It features an NSA of 2,206 sqm across the proposed 23-apartment development.
The result reflected a land rate of $3,960/sqm and $2,488/sqm on NSA of the permitted project.
Throughout the campaign eight offers we tabled from a range of international, interstate and local bidders before selling to an experienced local developer.
“Offshore capital from Japan, China and Malaysia was left unsatisfied throughout the process, with local groups more bullish on project sales rates, which put them at the forefront of the EOI process,” said Benson Zhou, State Head – Asia Markets, Savills.
“Receiving more than eight offers, speaks volumes about developer’s eagerness to acquire sites, with limited opportunities available in this high-end market sector,” he added.
The purchase reflects the confidence in the local market, with various local and offshore underbidders awaiting further opportunities to enter the coveted Glen Iris suburb.
“The transaction highlights the depth of the luxury apartment market, with very competitive processing highlighting the demand for quality sites in premium locations. With concerns around rising construction costs and interest rates, the sale paints a picture of confidence in the achievable project revenue,” said Julian Heatherich, State Director – CBD & Metropolitan Sales.
Located within Melbourne’s prestigious Inner South-East ring, Glen Iris is one of Melbourne’s strongest locations for luxury residential sales, evidenced by a $2.5 million median house price and surrounding successful high-end projects.
The area is supported by an affluent population and robust market for luxury dwellings and offers a desirable lifestyle location with convenient access to Central Park, Malvern Public Gardens and Malvern Road and High Street retail.