$2.65 million for CBD Melbourne fringe site

$2.65 million for CBD Melbourne fringe site
$2.65 million for CBD Melbourne fringe site

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 DKO Architecture, 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 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.

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Investment Property

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