Savills secures snappy $35 million La Trobe Street, Melbourne site sale

Savills have sold a Melbourne CBD development site with a permit for a twin tower project incorporating 400 apartments.

It was likely to fetch more than $20 million, but secured $35 million.

Major UK student accommodation developer, Scape paid a record CBD land rate of $37,154 a square metre for a major CBD development site.

The 212-222 La Trobe Street property, comprising a large 942 square metre site zoned Capital City 1 with five street frontages, is located directly opposite Melbourne Central shopping centre.

The recently approved permit would see the construction of connecting Jackson Clements Burrows-designed towers of 39 and 54 levels on the site which stretches through to a second frontage on Little La Trobe Street.

According to Savills agent Nick Peden and Clinton Baxter, the property offered the single best redevelopment opportunity to be offered to the Melbourne market this year.

The property, which has been privately owned for 31 years.

Expressions of interest closed June 10.