A vacant site in Viewbank with permit approval for 33 residential townhouses has been brought to the market and is expected to fetch over $10 million.
CBRE’s Scott Orchard, David Minty and Chao Zhang have been appointed to market the landholding at 19-35 Graham Road on behalf of a private Chinese group. It totals 9,370sqm and is within General Residential zoning.
Mr Orchard said the listing unlocked an incredible opportunity to capitalise on the market’s strong appetite for large infill townhouse developments.
“There is an evidently strong appetite from buyers seeking large-scale infill townhouse development sites. The opportunity is completely de-risked with its significant planning permit and offers over one hectare of land, which will be key to driving interest during the campaign,” Mr Orchard said.
Mr Zhang added Viewbank and its surrounding suburbs were in high demand from residential developers seeking opportunities, mostly driven by lack of supply on the market.
“In this first quarter of 2018, there has been a lack of large townhouse opportunities brought to the market, so we expect this listing will draw substantial interest from local builders, developers and Asian buyers. As the median house price in Viewbank rises above $1 million, developers can also have confidence in the successful pre-sale of the final project.”
The future townhouses will be well-serviced by local amenity including parklands, golf courses and education facilities, while also neighbouring one of Melbourne’s best public high schools Viewbank Secondary College.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.