Carlton apartment development site sells for $4.2 million

A local developer has purchased a 362 sqm Carlton property sold by the Churches of Christ for more than 100 years for $4.2 million. Located at 148-150 Queensberry Street, the property comprises an older-style simple church building situated in the University Precinct of Carlton, between RMIT and Melbourne Universities. The property was sold by the church as the building no longer provides a suitable standard of accommodation. The funds raised will be redeployed into the community support roles of the church. The deal was negotiated by Clinton Baxter and Julian Heatherich of Savills Australia. “This property attracted a huge level of interest from the market by virtue of its spectacular position on the cusp of the Melbourne CBD together with its obvious potential to add value or for greater development of the site” Mr Baxter said. The property, sold with 12 month settlement terms, benefited from Mixed Use zoning permitting retail activation, office, student accommodation or residential just 250m from the CBD.