Comercial Sale

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A development site in Melbourne’s eastern suburb of Camberwell has been snapped up by a Chinese developer for $5.5 million before its auction by Savills.
The <a href="https://www.realestate.com.au/property-house-vic-camberwell-125961234" target="_blank">1059-1061 Toorak Road</a> site was set for auction on August 18.
The two adjoining residential properties are zoned General Residential 5 and have the potential for the development of a luxury residential project, according to Savills. 
The buyer has plans for a luxury apartment project.
The deal reflects a rise in demand for apartments in Melbourne’s leafy inner east suburbs. In May, a development site with permit for residential units in Camberwell sold for $2.3 million through Savills.
The deal was brokered by Savills’ Nick Peden, Jesse Radisich, Julian Heatherich and Benson Zhou. 
The sale represented a 16% percent premium ($389,000 per block) on the auction price of nearby 1065 Toorak Road just a few weeks back and showed the strength of the market, Savills said.
The land area is 1,700 sqm.
“The sale ($2.75 million per block) represents a 16% premium on the single house block sale of 1065 Toorak Road in June 2017 for $2.361 million at auction by a local residential agent,” said Nick Peden.
The population of Camberwell is expected to grow by 31% over the next 25 years, which reflects the popularity of the suburb and hence its development prospects.
The site is close to retail amenities such as Hartwell Retail Village, Camberwell Junction and also public transport.
Camberwell and surrounds are also home to some of Melbourne’s elite schools and education facilities.
Camberwell has a high median house price of $2,295,500, said Savills.
Meanwhile, another Camberwell development has sold for $5.01 million, making it Melbourne’s most expensive weekend auction sale.
Located at <a href="https://www.realestate.com.au/sold/property-house-vic-camberwell-125960974" target="_blank">5-7 Braeside Avenue</a>, the 1552 sqm has been approved for development.
Designed by Alta Architecture the property is approved for eight town homes with a north rear orientation.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/13/5-7%20Braeside%20Avenue-2.jpg" alt="">
The property is minutes to the Monash freeway, Toorak Road tram and walking distance to shops and Lynden Park.
The median price of a house in Camberwell is $2,117,500, which is an increase of $97,500 compared to last year’s median price.
The property was offered through Marshall White agents Nick Ptak and Zali Reynolds.
 
 
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Development site in Melbourne's Camberwell sells for $5.5 million before auction: Savills

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A local investor/developer and a tenant have outbid rivals in two hotly-contested North Balwyn auctions on CBD-like yields of just 1.49 and 2.89%, surpassing vendor expectations by a combined $500,000.
The properties at 339 and 341 Balwyn Road were auctioned in front of an 80 strong crowd with six bidders driving the price on 341 to $935,000 and the five bidders for 339 pushing the price to $790,000.
The purchasers, according to selling agents, Teska Carson’s George Takis and Michael Taylor, were an investor/developer who purchased 339 and the existing tenant who purchased 341.
Mr Takis said the <a href="https://www.realcommercial.com.au/property-retail-vic-balwyn+north-501628049" target="_blank">339 Balwyn Road</a> property -  a single level brick building with a right of way at the rear - offered room at the rear for an extension or redevelopment of the site. He said the veterinary surgeon tenant of the two-storey shop and dwelling next door at 341 Balwyn Rd had recently undertaken a major renovation of the building.
Mr Taylor said pre-auction enquiry had been a good indicator of what to expect on auction day.
"These properties both offered very secure tenancy profiles – one who had recently undertaken a major renovation and another who had been at the premises for 19 years – and positions within a tightly held precinct with little or no vacancy as well as potential development upside.
"Investment properties in the circa $1 million and under price range have and will continue to entice strong enquiry especially while interest rates remain so low and while commercial property offers such attractive yields,’’ Mr Taylor said.
The vendor was a local private investor. 
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Comercial Sale

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