North Melbourne property with plans for apartments sells for $2.82 million

A vacant warehouse offered in inner-city Melbourne has sold post-auction for $2.82 million, with the property coming with an architect’s concept development plan for a residential project.

The selling agent was Gray Johnson’s Rory White who said the sale price was equal to a strong land price of $5,351 per square metre and the developable land area at the ground level is estimated at 527 sqm.

The property sold after being on the market for 64 days, according to RP Data.

The property at 168 Chetwynd Street North Melbourne has combined frontages to Warwick Street and Browns Lane and close to the popular Queen Victoria Market and public transport on the northern edge of the Melbourne CBD.

The existing building comprises an older style warehouse of character with a red brick façade, lofty ceilings and concrete floors and was offered with vacant possession.

The property is included within a Mixed-Use zone with an architect’s concept development plan prepared on behalf of a major corporate as vendor.

The purchaser may build a multi-unit residential suite development for the site, according to the media release.

This sale reflects the strong demand for townhouse development sites currently especially capable of accommodating five to 20 units with solid interest from both local and offshore buyers.