Local developer snaps up Preston site for $1.13 million
A local developer has snapped up a residential site on High Street, Preston, for $1.13 million.
The 711-square-metre site has a permit for a six-storey development consisting of 81 student apartments, basement car park and ground floor retail.
“The high number of buyer enquiries illustrated the market’s hunger for boutique development sites,” says CBRE selling agent Paul Tzamalis.
“The property was sold to an established local developer after generating interest from a wide range of buyers, including developers and land bankers.”
Preston is located nine kilometres north of the Melbourne CBD and has a median unit price of $382,194.
The median asking rent is $350 per week – offering a 4.8% yield.
Nicola Trotman
With a penchant for the written word, Nicola has built a career doing just this – now Creative Director at thriving Melbourne-based PR agency, Greenpoint Media.
