$7.5 million Hawthorn East apartment site sold to Asia linked development company
The site comprises 1,592 sqm
An offshore-backed developer has purchased a prime apartment development site at Hawthorn East.
The $7.5 million comprises a 1,592 sq m on Riversdale Road.
It came with a flexible Residential Growth Zone 1.
The deal was negotiated by Julian Heatherich of Savills Australia, its second sale within recent months on Riversdale Road, with both development sites transacting to groups with financial ties to Asia.
“This buyer group has grown increasingly prominent in the luxury development market and we are witnessing increased demand for large scale inner city development opportunities from local, interstate and international buyers," he said.
A Chinese developer has paid $9.7m for the nearby apartment development site at 43 Riversdale Road.
The sales team took 152 enquiries throughout the campaign for the site that holds a permit for a luxury project of 31 apartments.
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.
