Prahran development site sells for $20 million plus

Prahran development site sells for $20 million plus
Jonathan ChancellorDecember 7, 2020

An inner-city development site, at 70-88 Greville Street and 42 Charles Street in Prahran, has been sold.

The buyer, reportedly a local private developer, paid more than $20 million.

It is a 2,662 square metre site suitable for a mixed-use residential and retail project. It was the first time offered in 25 years.

For a time The Voluntary Euthanasia Society of Victoria had its office at 70 the Mercer.

The site was listed by Mark Wizel and Jamus Campbell of CBRE City Sales.

More than $23 million has been paid for a full city block in Collingwood too.

The 2010 square metre island site, bounded by Wellington, Langridge, Cambridge and Derby streets, sits within Collingwood’s so-called golden pocket.

“Rewind several years and few people would have expected that land in Collingwood and Prahran would be achieving in excess of $10,000 per square metre,” Wizel said.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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