Melbourne, 17 March
hotly contested development site in Maribyrnong has been acquired by Chinese
developer Orion Holdings for $9,250,000.
3,871sqm site, located at 2 Wests Road, benefits from a prime inner west
location with immediate access to Highpoint Shopping Centre,
cafes, restaurants and public transport services. The site also boasts permit
approval for a two stage mixed use outcome comprising 192 dwellings plus ground
Mark Wizel, Ed Wright and Jamus
Campbell of CBRE Victorian Development Sites negotiated the sale on behalf of a
private vendor. The Wests
Road site was sold with vacant possession.
Mr Wizel said the sale represents an increasing trend for off shore developers to outbid local parties in order to secure development sites in Melbourne’s inner west.
“This sale represents the second
suburban development site to be acquired by an off shore Asian group in as many
weeks, further highlighting the demand from off shore groups for well-located
development opportunities in well-established residential suburbs around
Melbourne,” Mark Wizel said.
“We are seeing consistent sales of $5m plus development sites and buildings
located outside of the CBD to offshore groups, which we feel is a positive sign
of the strength and depth of the current market,” added Mr Wright.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.