Developers Active Across the Inner-East
Development momentum across Melbourne’s inner-eastern suburbs gathering pace, with a string of residential and commercial sites being picked up by developers.
The largest, a 4,805sqm site at 1 Cooloongatta Street in Camberwell, comprises a post-war style estate with 16 apartments across 5 buildings including a house, and sold to a developer with General Residential 1 zoning.
In Kew, nearby Victorian-era home sites sold to separate developers. The 920sqm property at 15 Hartington Street sold for $2.52 million with a permit for 5 townhouses, while two doors down, number 19 was bought by another developer for $2.4 million with approval for 6 apartments.
Near Swinburne University, the 604sqm corner site at 49-51 Henry Street, Hawthorn, zoned Commercial 1, sold for $4.5 million to a local developer with a height allowance of up to 8 levels. Pace Development Group paid $4,062,500 for the the 476sqm corner site at 9 Montrose Street in Hawthorn East, which was offered with a permit for a 9-level building 35 units that Pace intends to convert to office use.
Strong Interest in Melbourne’s West Industrial Market
Singaporean group Mapletree Logistics Trust has acquired a yet-to-be-constructed warehouse in Truganina for $18.4 million. The single-level logistics facility at 15 Boterro Pl in Truganina will measure 15,100sqm on a 25,650sqm site.
The region has seen several major deals recently as demand for logistics and ecommerce facilities continues to boom. Growthpoint Properties Australia paid Frasers Property $40 million for a 3.1-hectare office and warehouse property in Truganina, shortly after Frasers Property bought 43ha of land in neighbouring Tarneit for $27.5 million, which it will use for a 150,000sqm, $200 million warehouse development.
ISPT acquired an unzoned 40-hectare site in Truganina from the Mifsud family for $23.1 million that it will hold for development.
Woolworths’ new 4.5ha temperature-controlled distribution centre, on a 10ha site in Truganina, is under construction next door to its 27,000sqm meat storage facility.
Disclosure: The weekly Fitzroys Property Wrap is for information only on transactions in the Melbourne property market. Fitzroys provides this information as a public service. We are not purporting that all sales and leases within this report were transacted by Fitzroys. Terms/Privacy © Copyright 2019 Fitzroys.