$6.3m purchase of Hampton site with permit sets record, says Savills Australia
A development site in Hampton with a permit for 44 units has been sold for $6.3 million, a record rate per unit in the area, according to Savills Australia.
A local developer fought off strong competition, including overseas interest, in an expressions of interest campaign for the property at 427 Hampton Street.
The high-profile 1242-square-metre site zoned Commercial 1 with a Hampton Street frontage of 23 metres was sold by Savills’ Nick Peden, Jesse Radisich and Julian Heatherich.
Mr Peden said the property had generated a huge amount of interest with more than 150 inquiries and eight expressions of interest from a range of buyers looking to take advantage of the location and the permit, which includes 41 apartments and three retail spaces.
He said the property had sold at the record rate of $143,295 per unit.
Mr Radisich said: “The property had all the essential elements for a successful residential development with a very generous site and a prime retail street frontage in one of Melbourne’s most sought after bayside suburbs and with a permit in place.”
Mr Peden said buyers would have been aware that the 62-apartment project next door had sold out within a matter of weeks.
“The demand for apartments along this increasingly popular strip of bayside suburbs, which includes Brighton and Sandringham, has been extraordinary but not surprising given its relatively close proximity to Melbourne CBD and the exceptional lifestyle attributes,’’ he said.
Mr Radisich said the initial price expectations of circa $5.5 million had been comfortably exceeded at a land value rate of $5076 a square metre.
The vendor was a private investor.
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