Chinese buyer swoops on Glen Iris church

Chinese buyer swoops on Glen Iris church
Chinese buyer swoops on Glen Iris church

The Churches of Christ has offloaded a major corner site in Glen Iris for $9.5 million, demonstrating the ongoing demand for boutique development sites in Melbourne’s east. 

A Chinese developer was the buyer of 1536 Malvern Road, a 1,850 sqm corner site close to Burke Road.

The luxury apartment development site was sold by Savills Australia’s Clinton Baxter, Jesse Radisich, Nick Peden and Benson Zhou.

“The sale price reflects a land rate of $5,135 per sqm, which is a huge result for a site of this nature,” Mr Baxter said.

 Chinese buyer swoops on Glen Iris church

Mr Baxter said 2018 had commenced with “a clear sense of optimism and confidence” throughout the development market. 

“The sale campaign generated widespread interest and a 50/50 split of local and Chinese buyers,” he said.

“We received 12 separate bids which ultimately resulted in the sale price of $9.5million – well in excess of the $8 million expectations.”

Baxter said that despite media reports of a withdrawal of Chinese money from Melbourne’s commercial property market, Savills was witnessing the opposite.

“That has not been the case for us at all,” he said.

“We are actually experiencing a surge in Chinese interest in the sub-$20million price range right across the market.”

Peden said that with “interest rates effectively on hold for most or all of 2018”, the market was likely to accelerate as the year unfolded and buyer confidence continued to grow.

 Chinese buyer swoops on Glen Iris church

Tags: 
Melbourne Chinese Investment

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