Developers spend $10m on eastern suburb apartment sites
Two eastern suburb sites permit-ready for mid-rise apartment buildings sold this week.
In Ormond, developer Peter Gibson has banked $6.21 million – 24 per cent over expectation – for a two storey office on 1412 sqm at 600-604 North Road, on the south west corner of Carlyon Street.
The land was offered with plans for a six level mixed-use project containing 57 dwellings and four shops.
Thirteen offers were received following a private sale campaign managed by JLL’s Nick Peden, Jesse Radisich and MingXuan Li with Gorman Commercial’s Jonathon McCormack and Stephen Gorman.
After a second round of negotiations with five parties, the property traded to another local developer.
“The existing office building was of particular appeal from owner-occupiers and investors who were planning on refurbishing the building to its former glory,” the JLL brokers said (story continues below).
“Ultimately a developer purchased the property who plans on making changes to the existing permit and undertaking a retail and residential project,” they added.
Meanwhile in Ringwood, a 1600 sqm Activity Centre zoned plot permit-ready for a five floor building with 40 flats has sold for $3.95m.
The buyer of 12-14 Pitt St has undertaken similar projects in the area, according to Savills agents Benson Zhou, Julian Heatherich, Nick Garoni and Tanya Su.
Multiple offers came in they said, again following a private sale campaign.
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