Camberwell site with permit for luxury apartments sells for $2.3 million: Savills
A development site with permit for residential units in Camberwell has sold for $2.3 million through Savills as demand for apartments in Melbourne’s leafy inner east rises.
The 584 Camberwell Road site was listed for auction on May auction, but the deal was struck in April.
The site was bought by an offshore buyer at a record rate per unit of $383,000, according to Savills.
This, along with another sale at Armadale, totalled a record $9.3 million for land and unit prices.
The corner site has a landholding of 577 sqm and comes with an approved permit for a luxury apartment project with oversized apartments.
The majority of apartments, once constructed, will enjoy views of the picturesque Fordham Gardens.
The location is close to shops, schools and public transport.
The selling agents were Nick Peden, Jesse Radisich and Benson Zhou of Savills.
“Demand for apartment development sites in Melbourne has been very strong over the last few years and it remains so and particularly for boutique developments in suburbs in the coveted inner east,” said Peden.
The Urban Planning Committee had earlier reviewed the proposal for a three-story building comprising six apartments, car parking and some alterations at Camberwell.
The Boroondara City Council’s urban designer had concluded that the building would not impact the neighbourhood character or nearby residential properties.
This permit would expire if development does not start within two years of the issue date and if construction isn’t complete in four years from the date of issue.
Among the other recent land sales in Camberwell is one at 4 Garden Road.
The 1040 sqm land parcel changed hands for $2,305,000 late in 2016. It was touted as ideal for development subject to approvals. The zoning was General Residential 1.
Another was a land parcel at 23 Derby Street, which fetched $4.6 million. The 1,363 sqm site is close to Riversdale station, shops and restaurants.
Peden said apartment demand was being driven by population growth, the recent trend to downsizing and remaining in the same suburb, lifestyle and by location.
March figures from the ABS put Melbourne’s population growth at 2.4 percent in 2016 – the fastest in the nation - (Brisbane grew 1.8 percent and Greater Sydney 1.7 percent) while four of the five fastest growing suburbs in Australia were in Victoria.
Camberwell has a current townhouse offering, The Davis. Conceived by Ascui & Co Architects, the four homes on Davis Avenue are priced through Marshall White from $2.215 million.