A locally-based Malaysian developer has snapped up a vacant site in South Yarra with plans to secure a residential planning permit.
CBRE’s Mark Wizel, Julian White and Chao Zhang negotiated the sale jointly with Gorman Commercial’s Jonathan McCormack and Andrew Prowse on behalf of vendor Newmarket Capital.
The sale price for the 338sqm, 14-16 Garden Street site was undisclosed.
CBRE’s Mr White said the transaction followed a number of boutique site sales in South Yarra in recent months.
“South Yarra is one of Melbourne’s most successful and proven development markets,” Mr White said.
“Developers are attracted by the flexibility many sites offer for mixed use, residential, office, hotel and retail development, and are acquiring sites with confidence that there will be strong demand from end users.”
Recent South Yarra boutique development site sales include:
55 Claremont Street (461sqm) - $8,600,000 – June 2018
99-101 Commercial Road (257sqm) - $3,750,000 – September 2018
6a Wilson Street, South Yarra (203sqm) - $2,161,000 – September 2018
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