Melbourne developer Piccolo buys Fitzroy site for $7.8 million

Melbourne-based Piccolo Developments has purchased a quarter acre site in Fitzroy from not-for-profit Australian Volunteers International for $7.8 million.

The 71-75 Argyle Street property comprises an office building and car parking on a 1,059 square metre corner site.

It sold well above the expectations of $6 million plus at a rate of $7,635 per square metre, according to selling agents Nick Peden, Clinton Baxter and James Lockwood of Savills Australia.

Peden said they received more than 130 enquiries from local and off-shore developers and investors. 

"We had a huge amount of interest, given the location as arguably one of the best precincts for multi-unit development in Melbourne, and that interest was reflected in what was one of the best land rates of any recent comparable sale,’’ Peden said.

He said Fitzroy, and particularly the Brunswick Street precinct, was one of the popular dining, entertainment and fashion precincts in inner Melbourne.   

The property is close to the CBD and has good access to public transport. It has frontage to Argyle and Fitzroy streets.