A private aged care developer has secured a significant residential asset with a permit for 46 new dwellings in a new market record for Essendon.
Colliers Internationals’ Bryson Cameron and Trent Hobart sold 33-35 Raleigh Street to an offer of more than $13.5million, prior to the close of the competitive off-market expressions-of-interest campaign.
The buyer beat multiple other parties to the transaction, which was about 35% more than the vendor’s expectation.
“Close to public transport, as well as retail, dining and recreational amenity, 33-35 Raleigh Street was the perfect development opportunity on the outskirts of Melbourne,” Mr Hobart said.
“With a number of interested parties consistently engaging us to offer on this outstanding off-market opportunity, the eventual buyer, a five-star aged care provider, will now begin the development process on this premium Essendon site.
Several residential developers and aged care providers expressed interest in the 5012sqm (approx.) site, about seven kilometres from Melbourne’s CBD, which was sold with vacant possession.
Colliers International has undertaken a large proportion of the aged care deals in the suburban arena this year.
“This transaction was another illustration of the strong demand from aged care providers in the current market and their ability to compete fiercely for development sites in strategic areas,” Mr Cameron said.
He said the strong interest in the campaign indicated that Melbourne’s inner north would continue to be sought after.
“Oftentimes this area represents good value for a wide range of developers, given the achievable rates per square metre of end product and residual land value,” he said.
Mr Hobart said the market-leading result was just a bonus outcome of his team’s successful campaign.
“We are always more pleased with our client’s satisfaction with the result and our service,” he said.