The recent rezoning of a popular South Yarra precinct has seen a 561sqm site snapped up for $5.25million by a local developer.
The sale was negotiated by Colliers International’s Hamish Burgess, Ben Baines and Jun Lai, in conjunction with Barry Marshall of Barry Marshall Real Estate.
“The property, which is situated within the newly extended Chapel Street Activity Centre, was recently rezoned,” Mr Burgess said. “It attracted strong interest from both owner occupiers and developers looking to capitalise on the recent rezoning.
“Due to the recent introduction of permanent planning controls into the Chapel Street Activity Centre, we are seeing heightened interest from developers looking to secure sites in an area that has traditionally been tightly held.
“We expect to see further activity in this precinct moving forward in light of this recent planning amendment.”