South Yarra office sells for $14.6 million

A possible development site in South Yarra's Forest Hill has sold to a Hong Kong purchaser for $14.6 million - a new record for unpermitted sites in the street.

The 1,030sqm site at 6-8 Claremont Street is currently occupied by the Victorian Aids Council, who will continue to operate in the premises for the short term.

CBRE’s Mark Wizel, Josh Rutman, Julian White and Scott Orchard negotiated the sale through public expression of interest under instruction from transaction managers Nick Moore and Marcus Conabere of real estate advisory firm Urbis. 

Josh Rutman said apartment developments in the area have been sold at strong sales rates to a mixture of owner occupiers and investors, both local and offshore.

“We have been fortunate to handle the past seven development site transactions in the Forrest Hill precinct, and given the new record land rate achieved it is fair to say that we are now seeing a whole new level of confidence from local and offshore groups, especially off the back of the apartment pre-sale success that many developers are continuing to experience in the precinct,” he said.