A local investor has swooped on a St Kilda development site, securing the prominent landholding for $2.3 million at auction.
CBRE’s Victorian Development Sites team, comprising Ed Wright, Mark Wizel and Joseph Du Rieu, negotiated the sale of the three storey building at 126-128 St Kilda Road on behalf of a local private family.
Positioned in the heart of St Kilda – one of Melbourne’s most renowned entertainment and tourist precincts – the 436sqm property is a highly flexible dual fronted landholding with more than 42 metres’ frontage onto St Kilda Road and Charnwood Crescent.
Mr Wright said the sale, which reflected a land rate of $5,275 per square metre, was testament to the strength of demand currently being seen in the market.
“This sale further demonstrates the depth of the market, where local and off shore buyers are actively competing for well-located buildings and properties in Melbourne, in a bid to secure prior to the Christmas break,” Mr Wright explained.