Chinese developer bags apartment project site in Melbourne's Blackburn for $3.9 million

A Chinese developer has trumped local competition in buying a development site with a permit for luxury apartments in Melbourne’s Blackburn for $3.9 million, in a deal brokered by Savills.

The sale of the 22 Blackburn Road property set a new price benchmark for area, with the site transacting for a record unit rate of $156,000 per unit, according to selling agents Jesse Radisich and Nick Peden of Savills. 

Radisich said the 1,486 square metre, Commercial 1 zoned site drew enquiries from both local and off-shore developers. 

“This site was offered to the market at a time when boutique projects which comprise larger apartments are incredibly highly sought after,” said Radisich.

“The price also reflects the abundance of existing local amenity including prime retail, schools, parks, and public transport as well as close proximity to Box Hill and the CBD.’’ 

Peden said the permitted project would include 20 two-bedroom apartments and ground-level retail.

The vendor was a Melbourne-based investor.