SOLD I 453 New Street, Brighton

Colliers sells a major landholding in prestigious Brighton with triple street frontage.

A substantial 6,060sqm landholding with triple street frontages in Melbourne’s prestigious Brighton has been sold by Colliers’ Jozef Dickinson, Ian Sanders and Justin Hazell for $16,500,000.

The prominent site at 453 New Street is located in the coveted residential suburb of Brighton, one of Melbourne’s most prestigious residential addresses, with the suburb’s median house currently at $3.125 million.

Colliers National Director for Residential, Jozef Dickinson, said, “We are proud to announce this fantastic sale and congratulate our Vendor and Purchaser on an outstanding result. We were not surprised that when the opportunity presented itself to the ultimate Purchaser, both parties were able to execute unconditionally in quick time.”

The end buyer is a local buyer that intends occupying the existing residential dwellings on site, with the balance of land to be subdivided into several individual allotments for sale.

Throughout the campaign, there was considerable interest from traditional developers looking to develop townhouses and medium density apartments together with those who investigated a residential subdivision of the overall site, taking advantage of its multiple street frontages.

“The well-maintained improvements on-site did set the scene for an excellent development or repurposing proposition for an incoming developer or occupier.”

“The significant improvement on the site offered a lot a flexibility in the market, but ultimately, the highest and best use for this site was a residential redevelopment strategy.” “Our valued client, The Uniting Church in Australia Property Trust are pleased with the result,” said Ian Sanders Colliers’ Head of Transaction Services, Asia Pacific for Healthcare and Retirement Living.