Investors push up price of inner-city development sites
2015-12-01
Potential inner-city development sites continue to attract premium prices with a large corner block in Clifton Hill property selling under the hammer for $14.05 million.
The former Clipsal factory site at 81-89 Queens Parade sold to a private family after bidding from investors and developers pushed the price up from a start of $6.5 million.
The freestanding corner building on a 3201-square-metre site is sandwiched between Queens and Alexandra Parade in a commercially-zoned location opposite several multi-storey apartment developments.
The result follows a similar premium price paid at a boardroom auction for a brown brick double-storey retail property on a 1540-square-metre block at 79-89 Swan Street with future development potential.
That site sold on a 2.9 per cent yield for $16.7 million, some $4 million above the reserve.
CBRE's Ed Wright, Mark Wizel and Jamus Campbell handled the Queens Parade sale.
Mr Wright said investors were bidding on the possibility the block would be rezoned at some point.
source: http://www.smh.com.au/business/property/investors-push-up-price-of-innercity-development-sites-20151201-glcct3.html
The former Clipsal factory site at 81-89 Queens Parade sold to a private family after bidding from investors and developers pushed the price up from a start of $6.5 million.
The freestanding corner building on a 3201-square-metre site is sandwiched between Queens and Alexandra Parade in a commercially-zoned location opposite several multi-storey apartment developments.
The result follows a similar premium price paid at a boardroom auction for a brown brick double-storey retail property on a 1540-square-metre block at 79-89 Swan Street with future development potential.
That site sold on a 2.9 per cent yield for $16.7 million, some $4 million above the reserve.
CBRE's Ed Wright, Mark Wizel and Jamus Campbell handled the Queens Parade sale.
Mr Wright said investors were bidding on the possibility the block would be rezoned at some point.
source: http://www.smh.com.au/business/property/investors-push-up-price-of-innercity-development-sites-20151201-glcct3.html
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