Piccolo Developments snaps up Fitzroy development siteSite sold: 71-75 Argyle Street has been purchased by Piccolo. Photo: Supplied

Piccolo Developments snaps up Fitzroy development site

The former Fitzroy home of Volunteers International looks set to be transformed into apartments following a $7.8 million deal brokered by Savills.

The site has been sold to Piccolo Developments, a Melbourne-based developer, at a rate of $7635 per square metre.

Savills’ Nick Peden, Clinton Baxter and James Lockwood had initial price expectations around $6 million plus.

An office building and car parking currently sit on the 1059-square-metre corner at 71-75 Argyle Street.

Given the popularity of Melbourne’s inner suburbs with apartment developers, the more than 130 individual inquiries received for the property came as little surprise to Mr Peden.

“We had a huge amount of interest, which we were expecting given the location as arguably one of the best precincts for multi-unit development in Melbourne, and that interest was reflected in what was one of the best land rates of any recent comparable sale,’’ Mr Peden said.

“The property is just 50 metres from Brunswick Street – one of Melbourne’s best known retail-entertainment strips – and that has been a key driver for successful residential developments in the vicinity.’

Mr Lockwood said Fitzroy had seen a surge in applications for new apartment development in recent years.

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