Suburban developers compete for 2,184sqm Carnegie supersite
Three Carnegie homeowners joined forces to sell their properties as a sole unit last month, achieving greater quantum than if they had individually brought the assets to market.
The supersite of 2,184sqm of residential-growth-zoned land at 100-104 Mimosa Road, Carnegie, sold for $6,552,000, with several of Melbourne’s leading suburban developers vying for the prize.
Colliers International’s Andrew Ryan, Hamish Burgess and Matthew Alderman negotiated the transaction at a rate of $3,000 per sqm on land.
“Opportunities such as this are extremely rare to come by and this was reflected in the amount of interest throughout the marketing process and ultimately the number of genuine expressions of interest come the close of the campaign,” Mr Ryan said.
“Carnegie’s median house price is currently $1,313,500 and these individual houses are worth approximately $1.8million each in their own right. There is considerable uplift in houses’ end value when owners come together with their neighbours to create a supersite.
“In this case, there was an approximate 21 per cent increase in value per home.”
Mr Ryan said Carnegie had experienced a significant increase in land rates in the past two years, as investors and owner-occupiers began to realise the value of the area’s amenity.
“Several sites have transacted recently, with land rates continuing to grow from approximately $2,500 per sqm in 2015 to now reaching $3,000 per metre, as was the case with 100-104 Mimosa Road,” he said.
Mr Burgess said the site suited “an ultra-luxurious development offering an unrivalled lifestyle environment to future residents”.
“The property is supremely located on the doorstep of Carnegie’s retail and culinary precinct, moments from the train station and within easy access of major arterials, including Dandenong Road and the Monash Freeway.”
Mr Burgess said the City of Glen Eira was becoming an increasingly desirable municiptality for developers.
“Carnegie has a well-established apartment market, which has long been dominated by Steller, and other local and off-shore developers are now seeing a shift from investment-grade product to owner-occupier end users,” he said.
“With an influx of young professionals and downsizers seeking low-maintenance, convenient and luxury apartment living, as well as the lifestyle attributes that Carnegie has to offer, a strong demand has been created in the market, driving the sale rates of the end apartments.”