$8 million Preston development site sale sets new record unit rate

A site adjacent to Melbourne's Preston Markets and train station has sold for $8 million through Savills.

The 1,761 square metre site at 30 Cramer Street, Preston, is zoned for Flexible Priority Development and currently used as commercial car parking. 

There is a planning permit for a Hayball designed project comprising 95 apartments over 9 levels.

According to Savills’ Clinton Baxter the property was extremely attractive to the development market due to the high local amenity, striking Hayball design, and protected natural light and views from the future project.

“Ultimately a major local developer managed to out-muscle very strong interest from other local and Asia-based developers," he said.

Mr Radisich said the transaction sets a new benchmark for Preston, with a land rate of $4,520/sqm and a rate per approved unit of $81,600/apartment.