Glen Iris apartment development site sells at $3.37 million

Melbourne’s inner city apartment market continues to strengthen, with the $3.375 million sale of a development site in Glen Iris.

The auction of the 29-33 High Street property attracted both local and offshore bidders to compete for the 664 square metre site.

The property has permit approval for a boutique apartment development consisting of 25 apartments and two ground floor retail shops.

A locally based, first time Chinese developer secured the site at a land rate of $5,083 per square metre through CBRE.