A blue-chip development site in Melbourne’s sought after inner-east suburb has sold for $2.839 million.
The auction of 21 Queens Avenue attracted strong buyer interest, according to CBRE, who saw six groups competing for the property and prices escalating from $1.5 million to $2.1 million – before being snapped up by a local developer.
The 502-square-metre property comprises a modest single-level warehouse leased until April 2018.
The sale represented a land rate of $5,655 per square metre and a passing yield of 2.1 per cent.
CBRE’s Ed Wright, who negotiated the deal in conjunction with Sandro Peluso and Chao Zhang, said the sale highlighted the continued demand for well-located development sites.
“With 140 bids recorded, this result demonstrates the depth of interest from the market, particularly for sites that offer long-term growth potential,” he said.
“Hawthorn offers attractive investment fundamentals, including a premium lifestyle, being centrally located amongst cafes, restaurants and retail.”
Hawthorn is located six kilometres from the Melbourne CBD, with direct access via public transport and close proximity to the Eastern and Monash freeways.