cbre development site auction day - 4 development sites up for grabs - from $2,000,000

cbre development site auction day - 4 development sites up for grabs - from $2,000,000

September 2017
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CBRE Development Site Auction Day - 4 development sites up for grabs - from $2,000,000

Four development sites earmarked for boutique townhouse and apartment projects will go under the hammer in October - as the CBRE Victorian Development Sites team launches its first Development Site Auction Day. A luxury townhouse site in Kew, a seven-story apartment site in St Kilda, a 33-apartment site in Burwood East and a 37-apartment site in Doncaster will be offered as part of the in-auction room forum. Each property has permit approval. CBRE State Director of Victorian Development Sites Julian White said the in-room auction process offered an innovative and superior service for both vendors and the marketplace. 

“As a team, we are constantly questioning the industry status quo and after months of research we are excited to be launching our in-room auction platform. The process provides a number of benefits to our vendors, as it enhances competition between buyers, draws larger crowds and there is the expected cross over of buyers seeking to purchase more than one site,” Mr White said.

“Quality suburbs in metropolitan Melbourne are receiving the greatest benefit of capital growth, with major market drivers being population growth and the strength of the residential market which is witnessing clearance rates at close to 80%. Despite speculation around the current state of the market we are continuing to witness strong demand and multiple layers of bidding across all our campaigns.”

CBRE Victorian Development Sites Agency Practice Manager David Silcock added the initiative will focus on being as ‘user-friendly’ as possible for prospective buyers. 

“The auction format is the most transparent method of sale. Buyers don’t need to second guess decisions to increase their bid as they can see the competition bidding. The in-room auction also provides buyers with a comfortable environment and the option to bid on more than one property if they’re unsuccessful at first,” Mr Silcock said. 

The sites listed for sale are as follows:

 71 Inkerman Street:St Kilda Group of local investors
 65 Pakington Street, Kew Local architect
 275-277 Burwood Highway, Burwood East Offshore investors
 799-801Doncaster Road & 1 Lauer Street  Doncaster Offshore Investors

The inaugural auction day will be held on October 5, 2017 at Hawthorn Arts Centre.