Developer pays $1.7 million for Camberwell retail site

Developer pays $1.7 million for Camberwell retail site
Developer pays $1.7 million for Camberwell retail site

A Melbourne-based developer has outbid four rivals to pay $1.71 million for a Camberwell retail property.

The property at 267 Camberwell Road had been in the same family for more than 45 years and was owned by a local private investor.

The sale price reflects a $6900 a square metre land rate, According to selling agents, Teska Carson’s George Takis and Barry Novy.

The property comprises a 190 square metre, single level brick retail building on a 250 square metre site with seven metres frontage to Camberwell Road.

The property is close to Camberwell Junction, the Burke Road shopping strip, the Rivoli Cinema and Camberwell Market.

Takis said the sale reflected a healthy market for development sites in key retail precincts.

“The property is perfectly positioned within the heart of Camberwell Junction and on the doorstep of the Burke Road retail/commercial strip – one of Melbourne’s best known and most highly regarded strip precincts,” he said.

“Add to that prime location, the street frontages on three sides and the flexible zoning, along with vacant possession, and you have a very attractive development proposition.”

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Retail Property Camberwell

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