$2.65 million for CBD Melbourne fringe site

$2.65 million for CBD Melbourne fringe site
Michael CrawfordJune 23, 2015

An Australian developer has outbid international interests to secure a Melbourne CBD fringe site for $2.65 million.

The property, located at 129-131 Market Street South Melbourne, is a 493 square metre site with multiple street access points. It was sold three weeks prior to auction and last sold two years ago for $1,725,000 - a 54% capital growth increase in two years.

Brokers Savills Australia, working in conjunction with M.G. O'Hallaran Property, said the lot was sold subject to a lease at $68,640 per annum.

Savills' Jessee Radisich said the purchaser will use the current zoning to build a premises to suit his business

"But they were also well aware of the prospect of a potential future residential rezoning and while that is only a future consideration, it certainly was an aspect that drove the price up and allowed us to achieve that premium,’’ Mr Radisich said.

Michael Crawford

Michael is the real estate reporter for western Sydney and loves writing about homes and the people who live in them. A former production editor and news journalist, he enjoys writing about real-world property purchases as well as aspirational buys and builds. Following a recent move from Sydney’s northern beaches, Michael now actually enjoys commuting.

Editor's Picks

Inside the vision of Wahroonga Estate: Five minutes with Capital Corporation's Jim Hunter
First look: Last chance at Surry Hills Village as TOGA launches luxury terrace collection
Residents start to move into Development Victoria’s LUMA Sunshine North community
Olio Officer: Connected and affordable living in Melbourne's south east growth corridor
World-first rooftop pickleball court crowns new Gold Coast penthouse