Fitzroy development site snapped up same day through Savills

Fitzroy development site snapped up same day through Savills
Fitzroy development site snapped up same day through Savills

A Fitzroy property which was put to the market at 11.45am on Monday morning sold at 2.30pm in the afternoon in the quickest sale of the year and a demonstration of the hot market for development sites in Melbourne.

The property, 44-46 Greeves Street is a 500 square metre building on a 450 square metre site and sold for $3.2 million to a local developer with plans for a boutique apartment project and sold with a short term lease

Clinton Baxter, Savills state director - CBD & Metropolitan Sales said the purchaser had been an under-bidder for a property at 71-75 Argyle Street, Fitzroy which Savills sold last month to Piccolo Developments for $7.8 million.

"Currently, there are no freestanding commercial properties on the market in Fitzroy, so the timing couldn’t have been better,’’ he said. 

"The fact that the property was passed in at auction for $2.9 million by another agent last year clearly demonstrated the ongoing growth and demand in the market for boutique inner-suburban development sites.

"The vendor, a local investor, purchased the property in 1986 for $190,000 and has sold at an appreciation rate of $100,000 per year for 30 years."

 

 

Tags: 
Residential Development Fitroy

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