NEWS

Buyers set to swoop on sites in race to the finish line

Three major Melbourne sales campaigns are generating a buzz amongst hungry buyers as 2017 draws to a close.

Colliers International has launched sales campaigns for five significant development sites to conclude 2017, with strong buyer appetite and limited supply creating a hot contest.

A 48-level high-rise opportunity at A’Beckett Street in Melbourne is being marketed by Colliers International’s David Sia, Daniel Wolman, Oliver Hay and Bryson Cameron, and is expected to sell around $35,000,000. Sites at 48 Moray Street and 85 Coventry Street are also still going through the Expressions of Interest process.

“We have been blown away by the amount of enquiries received on these development site opportunities,” Mr Sia said. “With the current fear of funding and oversupply felt by the markeplace, the results and feedback is positive for a change. Developers are actively looking for large permitted sites given the current restriction to height, hence demand for these current campaigns have been high."

Another end of year campaign has seen a ‘supersite’ hit the market, consisting of three properties at 140 and 150 Queen Street and 21-27 McKillop Street. One of the properties has approved plans and permits for a 71-storey tower comprising 581 residents with the remainder being office and retail buildings. The total site area of 2,551sqm is a rare opportunity, particularly in the heart of the Melbourne CBD.

“With access to the city’s world class education precinct, medical precinct and first-class lifestyle amenity including QVM, Flagstaff Gardens and State Library of Victoria, the property is also set to benefit from the upcoming $11billion Metro Rail Project and the nearby $250million Queen Victoria Market Redevelopment Project,” Mr Wolman said.

“Permitted CBD sites are still seeing incredible demand, particularly those which fall within the guideline of Matthew Guy’s previous planning regime. Sites with permits exceeding the 18:1 plot ratio are currently unattainable under today’s planning restrictions and, as such, we expect it will generate intense competition."

Mr Wolman, Mr Hay, Mr Sia and Mr Cameron have also been appointed to sell 256-260 City Road, Southbank, a 1262sqm site with development approval for a premium 62-level mixed-use tower incorporating 446 apartments and ground floor retail.

“We expect to see enormous interest from purchasers looking to capitalise on world-class locational synergies – in particular, the proximity to Southbank Boulevard and the Crown entertainment precinct,” Mr Hay said. “With the year coming to a close, we are starting to see purchasers eager for opportunities before they miss out, having to wait until March for supply again.”

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