South Melbourne super site cracks $23 million

Albert park aerial

A prime South Melbourne development site of 1543sqm has been sold for an incredible $23,400,00.

With permits approved for 174 apartments across 20 levels, plus 300sqm of retail, the rare corner asset in the highly sought after St Kilda Road/Domain Precinct and offered for sale by Lemon Baxter proved more than popular.

The property is situated on a prominent corner with 3 street frontages lining Park Street, Wells Street and Little Bank Street, walking distance to the new Domain Metro Tunnel, the Melbourne CBD and proximity to the Botanic Gardens, Albert Park Lake and Lakeside Stadium.

Oakleigh inspiration goes well over reserve

Beller Commercial Director, Fred Nucara has sold a 687sqm retail property on Atherton Road, Oakleigh for $8,810,000.

The price was pushed $2,810,000 over the reserve by 8 lively bidders in front of a crowd of over 100 keen onlookers.

Purchased by the occupying tenant, Inspiration Paints, who have been in the area for over 40 years, the sale reflected a land area price of $5,796 per square metre (psm), building area price of $12,824 psm on a remarkable 1.76% yield.

Penninsula popularity grows

The Mornington Peninsula has delivered another strong commercial result, with Fitzroys selling a Mornington retail property for $2.9 million under the hammer, at a record low yield for the area of 3.52%.

Chris Kombi and Mark Talbot handled the auction campaign for 157 Main Street and 1 Barrett Lane, which has two shops and an apartment over one title, and attracted more than 100 enquiries.

The sale price reflected a land rate of $10,357 per sqm.

The property encompasses a land area of 280sqm, with 157 Main Street leased to Biscottini Café on a three-year deal and 1 Barrett Lane leased to Onde Café on a 3 x 3-year lease.

Kombi said commercial transactions across the Mornington Peninsula had returned strong results over the past 18 months particularly, as local and offshore investors increasingly looked beyond the heated inner and middle metropolitan areas for investment opportunities.

Talbot said that whilst traditionally a holiday destination, the evolving Mornington Peninsula Shire is expecting growth of nearly 20,000 residents over the next 20 years.

“The tightening yields across the region reflect the growing consistent demand for retail, hospitality and social infrastructure services from the local population, underpinning the viability of traders in the future,” he said.

The demand in the region is spreading throughout the retail market, with a local investor acquiring the Baxter-Tooradin shopping centre for $16.6 million in May, shortly after the sale of the Hastings Shopping Centre for $32.1 million.