Four Cremorne neighbours combine to secure $7.1 million

A local private purchaser has snapped up four adjoining terrace houses in Melbourne's Cremorne.

There was a strong contest between owner-occupiers and developers for 102-106 Stephenson Street.

It sold under the hammer for $7.1 million after bidding started from $6,300,000.

Four adjoining property owners joined forces to sell their properties as one large, 546 square metre Commercial 2 zoned development site.

The eventual land rate of $13,003 per square metre sets a new benchmark for Cremorne commercial development opportunities, Colliers suggested. 

Land values in the prime city fringe hot spots of Richmond and Cremorne, as well as nearby Collingwood and Abbotsford, have almost doubled in the last two years, from circa $5,000-$7,000 per square metre two years ago to north of $11,000 per square metre for Commercial 2 zoned land.

A nearby permit-approved, 1,579 square metre corner site at 71-93 Gipps Street in Collingwood has already attracted more than 100 enquiries and interest in the vicinity of $17 million.

It is an immediate development prospect for an 11 level, Hayball-designed office project.