$8 million South Melbourne mixed use redevelopment sale

Property ObserverMay 17, 20160 min read

A developer has paid $8 million for a 1,194sqm site in South Melbourne with permit approval for an eight level mixed use development comprising 83 apartments and ground floor commercial space.

The site, 15-35 Thistlethwaite Street South Melbourne (above), was sold by Colliers International to a private Chinese developer with local ties.

Colliers International’s Hamish Burgess said interest in the Fishermans Bend precinct is going from strength to strength on the back of a number of projects in the precinct achieving strong pre-sales with encouraging sales rates.

"Plot ratio changes in the Melbourne CBD have also put further supply pressure on ‘developable’ land, making fringe precincts such as Fishermans Bend attractive alternatives,” he said.

Colleagues Andrew Ryan and Ted Dwyer sold a two level 953sqm office building at 11-21 Buckhurst Street to local developer Alpha14 for $5.5 million. 

Property Observer

Tags:
Development
Commercial Sale
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