Property development
Industry updates

​VIC: Site sale, 405-409 Spencer Street, West Melbourne

Posted by Development Ready on Dec 09, 2015

A local developer has paid $12.75 million for a site in Melbourne’s inner west.

The property is close to the Melbourne CBD and major universities.

The 1200sq m site has fronts Spencer Street and Batman Street and is set for redevelopment.

It currently houses a two storey brick building used as a Bed and Breakfast as well as a car shop.

CBRE senior associate director Josh Rutman said there had been eight bids from local and offshore groups.


PRICE: $12.75 million

BUYER: Local developer

AREA: 1200sq m (site)

AGENTS: Josh Rutman, Mark Wizel, Julian White and David Minty, CBRE


"The property is close to the Melbourne CBD and major universities."



THE LATEST
New Developments, Deals, Industry Trends, Property Advice, Industry Partners
New Developments, Deals, Industry Trends, Property Advice, Industry Partners
The greater Burleigh area has emerged as one of Australia’s most active development hotspots with almost $5 billion worth of residential, commercial and infrastructure projects in the pipeline, according to property consultancy Urbis.
Charter Hall has traded 65 Berry Street in North Sydney for $212 million following a direct offer from local fund manager Intera Group. The sale of the office tower achieved a 10% increase on its 30 June 2020 book value; The Melbourne Square Shopping Centre has changed hands from OSK Group to Primewest’s Daily Needs Retail Trust (PWG) for $70 million; Prime Space Projects has sold Osborne’s Centre of Defence office with an adjoining tract for $48.25 million; plus more
A new drive thru Starbucks in Queensland selling at a record yield of 4.2% set the tone of commercial property agent Burgess Rawson’s final Portfolio Auction of the year in Melbourne today.