A local developer accentuates the ongoing demand for luxury residential developments, acquiring three titles in one line in Armadale, in one of Melbourne's most hotly contested campaigns.
Gross Waddell ICR's Danny Clark, Alex Ham, Michael Gross & Raff De Luise, with Charter Keck Cramer acting as Transaction Managers, sold 79 & 81-83 Wattletree Road, Armadale after generating over 230 enquiries and receiving 13 offers at the close of the EOI.
Whilst the price is undisclosed, the sales price has set new benchmarks for this Armadale precinct and is well more than the initial quote range.
This supersite sprawled across 2,186 sqm of prime land and came with an existing permit for 38 luxury apartments with a blended average internal size of 96 sqm.
"The property was purchased by an astute developer who proposes to redefine the luxury living in Armadale and the sheer depth to the enquiry is testament to buyer demand for blue-chip developments in the inner-ring of Melbourne," Mr Clark said.
"The campaign was one of the most hotly contested campaigns we have been involved with for some time and saw enormous amounts of enquiry from offshore developers, local established developers and premium builder/ developers," added Mr Clark.
Mr Gross said "The existing permit, which had been curated for a number of years by a world class consultant team, had added significant value to the land. Rarely, do you ever see luxury developments of this size hit the market in premium suburbs and this ensured we attracted the most active developers in the marketplace."
“Several smaller sites had sold in and around Armadale over the past 6-12 months and achieved around $400,000 per apartment, with this sale exceeding all market metrics. The growing sentiment in the residential sector is seeing developers actively hunting key projects, due to continued demand from owner occupiers," Mr Ham said.