Camberwell apartment development site sold for $3.5 million

A 700sqm apartment development site on the edge of Camberwell Junction has been sold to a local developer for $3.5 million. The sale of 561 Riversdale Road was struck off market. It was at a high $5,000 per sqm land rate, without an existing permit. An application for construction of 14 dwellings on two lots was lodged two years ago with Boroondara City Council. Zoned General Residential, the site is also next door to a public car parking. It was sold by Fitzroys agents David Bourke and Chris James. Bourke noted it was close to medical clinics and allied health uses. New residential developments in the area include the former State Bank site and adjoining Sofia’s, approved for 40 apartments and food and beverage. There is also Brown Property Group’s Cookson Camberwell near the station. The 616 Riversdale Road property was recently bought by a developer for townhouses. They will join Blueprint Projects’ $175 million Camberwell Village (CV), and Dahlia’s $300 million Hawthorn Park on the other side of the junction. Bourke said there are growing avenues for financing that has enticed a number of developers back into the market. “A lack of stock brought to the market throughout COVID means there is a large volume of capital waiting to be deployed for quality opportunities,” James said.