A blue-chip development site in Melbourne’s sought after inner east suburb of Hawthorn has sold under the hammer for $2.839 million.
The auction of 21 Queens Avenue attracted strong buyer interest, with six groups bidding for the property, which saw the price escalate from $1.5 million to $2.1 million, before being knocked down to a local developer.
The 502sqm property comprises a modest, single-level warehouse leased until April 2018.
The sale represented a land rate of $5,655 per square metre and passing yield of 2.1%.
CBRE’s Ed Wright, who negotiated the deal in conjunction with Sandro Peluso and Chao Zhang, said the sale highlighted the continued demand for well-located development sites.
“With 140 bids recorded, this result demonstrates the depth of interest from the market, particularly for sites that offer long term growth potential,” Mr Wright said.
“Hawthorn offers attractive investment fundamentals, including a premium lifestyle, being centrally located amongst cafes, restaurants and retail.”
Hawthorn is located six kilometres from the Melbourne CBD, with direct access via public transport and close proximity to the Eastern and Monash freeways.
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