Colliers International sells permit-approved mixed-use property for more than $9million
Melbourne-based boutique property developer Peter Gibson and his son Christo, of Gibson Developments, have jumped on three adjoining permit-approved properties in Glen Iris for $9.182million.
Earmarked for redevelopment with approval for a high-end mixed-used precinct in place, 1396-1402 Malvern Road sold last week following a competitive expressions-of-interest campaign.
Gibson Developments marginally outbid other local developers, offshore developers and commercial investors for the three assets.
Colliers International’s Ben Baines and Jeremy Gruzewski, in conjunction with Link Property’s Cynthia O’Gorman, brokered the deal on behalf of a local family, who had acquired the properties since 2000 and recently obtained a planning permit.
“The sale reflects a land rate of more than $6,000 per square metre,” Mr Baines said.
“This was the area’s most hotly contested EOI campaign in the past five years, with more than 20 genuine offers submitted.
“Glen Iris and Malvern are in high demand for luxury residential projects and retail/office space. This sale confirms the buoyancy of the current market and the strong demand for permitted sites suitable to the luxury owner-occupier and downsizer apartment markets.”
The father-son buyers intend to combine the permit-approved apartments to deliver an up-market owner-occupier product similar to what they recently achieved with The Hawksburn, a highly successful project on Malvern Road in South Yarra. The Hawksburn consists of a ground-level retail space, one-, two- and three-bedroom apartments, and two luxurious penthouses.
“Mr Gibson has been developing high-end apartments, houses and townhouses for more than 35 years in Toorak and South Yarra, and has recently moved into delivering larger-scale projects, still targeting luxury owner-occupiers, with his son,” Mr Gruzewski said.
The three Malvern Road addresses comprise a two-level corner office building at no. 1396, a two-level open-plan office building at no. 1400 (with access to no. 1396), and a two-level corner mixed-use building with first-floor residence and street-level retail premises.
The site has an approved permit for a four-level mixed-use building comprising residential apartments, retail shops and a commercial office space. The permit allows for a total of about 3,127sqm of net saleable area drawn from six retail shops, one commercial office and 38 residential apartments.
“This sensationally located development site represents one of the best permitted opportunities in the heart of Malvern Road village and along tree-lined Maitland Street,” Mr Baines said.
“In such a prominent position with an extraordinary level of surrounding amenity, this site would be perfect for spacious high-end apartments targeted towards the downsizer market. Glen Iris has an ageing market and this would be a very sought-after project.”