South Yarra apartment development site sold for $4.645 million
A South Yarra office block with significant development potential has sold via online auction for $4.645 million.
It reflected a 3.44 per cent yield through selling agents Dawkins Occhiuto.
The property sold to a local investor who plans to landbank and develop the property down the track.
The auction, conducted by Paul Tzamalis from the Auction Company, attracted 39 parties.
There were four bidders who took the result to the land rate of $11,584sqm and the building rate at $15,280sqm.
Located just 200 metres from the Jam Factory and Chapel Street and close to the Prahran Market and trains and trams, the 48 Wilson Street property comprises a single level, 304 square metre office building on a 401 square metre site zoned Activity Centre 1.
The site benefits from dual street access (Wilson and Ellis streets) along with a nine level height precedent set by surrounding developments.
Dawkins Occhiuto selling agents Tim Grant and Andrew Dawkins said the refurbished building offered an opportunity for owner-occupiers but also provided significant potential for a multi-level office or residential development.
``The sale further highlights the strong demand for quality property with upside in the South Yarra market and the limited number of opportunities currently available.
``We had quite a high level response from owner-occupiers but predominantly developers,‘‘ Mr Grant said.
The property is currently occupied by vendor Hatched Media which offered a 12 month leaseback at $160,000 per annum net.
Hatched Media was advised by Advise Transact founder Mark Wizel.