NEWS

South Melbourne development site sells for more than $60million

Enormous city-fringe landholding snapped up by childcare buyer

Colliers International have sold a 9,356sqm development site at 68 Buckhurst Street South Melbourne for in excess of $60,000,000 to a developer who plans to build the worlds biggest childcare centre.

Colliers International’s Bryson Cameron, Trent Hobart and Hamish Burgess negotiated the transaction, in conjunction with Savills, on behalf of the Botree Group.

“The large freehold site represents a unique opportunity to create a landmark development in one of Melbourne’s best precincts,” said Bryson Cameron, Associate Director, Development Sites at Colliers International.

“The campaign was competitive and illustrated the continued strength of the development market from not only traditional residential developers but those pursuing mixed and alternative use concepts."

The purchaser, which plans to build the worlds best early learning centre, will look to capitalise on the continued growth in the area and new residents which are planned to enter the precinct moving forward.

“At nearly a hectare of land, less than 1km from the city, the offering was rare which was reflected in the ultimate pricing,” said Hamish Burgess, Associate Director, Development Sites at Colliers International.

“The government continues to inject capital into the area with the construction of a new school and large-scale park directly adjacent to the property. The developers who competed for the property obviously believe in the continuing growth of the area."

“The strength of the permit was evident during this campaign,” said Trent Hobart, Director, Residential at Colliers International. “It is evident from the interest received that the development will certainly redefine this area of Melbourne, and that developers have strong confidence in the growth of this precinct."

The site is situated approximately 900m from the CBD, and is surrounded by an abundance of amenities, including close proximity to the Crown Casino precinct and South Melbourne retail.

Residential property development site sales Melbourne Colliers International real estate

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