Developer pays $9 million for development site in Melbourne's Hawthorn

A local developer has bought a development site for $9 million in Melbourne’s leafy inner eastern suburb of Hawthorn with plans for a mixed use/apartment and retail project.

The 2-4 Roche Street property was sold through Savills after an expressions of interest campaign.

Selling agent Clinton Baxter, who brokered the deal with Nick Peden and Jesse Radisich, said the sold for close to $7500 a square metre, well above expectations.

Baxter said the competition for the property reflected the strong competition for a development opportunity in one of Melbourne’s highly regarded residential pockets.

“The sale is a demonstration of the voracious appetite of developers seeking to secure sites suitable for boutique apartment projects in the leafy inner eastern suburbs,’’ Baxter said.

The property was sold subject to monthly leases to two tenants, who occupy the two double storey buildings, at a current annual rental of $105,000, with vacant possession available on 60 days notice. 

The 1,209 sqm corner site is Zoned Commercial 1. It close to public transport and retail places.

Peden said plans for a proposed redevelopment of the property included 54 apartments and ground floor retail.

The vendor was a Melbourne-based investor.