A prominent corner site opposite Melbourne’s popular Princess Park has sold for a record $30million-plus in a prime, inner city redevelopment opportunity.
Colliers International’s Trent Hobart and Bryson Cameron, in conjunction with CBRE, have sold a 6,320sqm development site at 699 Park Street in Melbourne.
Known as The Reserve – Princess Park, the high profile site has frontages to Park Street, Sydney Road and Brunswick Road, and was offered with a preliminary development scheme for 409 apartments.
“The property has unrepeatable park front views with the Melbourne CBD skyline in the background,” Mr Hobart said. “This generated significant demand from a range of local, national and international developers seeking rare, premium development sites suited to owner-occupier purchasers."
An unprecedented 18 offers were received during the International Expressions of Interest campaign. The final sale price – a record for Brunswick – represented a land value rate of circa $5,000/sqm.
“This opportunity offered not only incredible future views, but also easy access to a diverse transport network including railway, tram, and major arterials and popular retail amenity on its doorstep,” Mr Cameron said.
“Located just 3.5km from Melbourne’s CBD and positioned with direct view lines over Princess Park and Optus Oval, The Reserve – Princess Park represented one of the most exciting inner city residential development opportunities seen in recent times.
“It offered developers and ultimately future residents an irreplaceable position in a highly desirable and thriving pocket of Melbourne."
The property was made up of nine separate titles spanning a total of 6,320sqm and containing a variety of mixed use buildings. A preliminary development scheme representing 409 apartments was undertaken by Plus Architecture.
For more information contact Trent Hobart (0433 196 452) or Bryson Cameron (0434 608 316).