Melbourne, 10 Septemeber 2021 – Colliers Development Site Sales team members, Joe Kairouz, Hamish Burgess and Jozef Dickinson have negotiated another premium off-market development site sale in Melbourne’s thriving inner-north.
The team have handled over $130 million in major site sales in the inner north in 2021 alone, including the recent sale of 84-96 Bastings Street, Northcote. The 6,131sqm, infill development site was sold off market to developer Lucent™ who plans to develop the site zoned general residential into a new housing type of sustainable inner-city townhouses.
Colliers Manager Development Site Sales Joe Kairouz said “Following significant work to remediate the site we were able to secure a strong result for our Vendor, which was underpinned by the site’s location in a thriving inner-urban residential market.
Prime development opportunities, such as Bastings Street, rarely become available so we were not surprised to see it quickly secured by a prominent local developer in the inner north.”
Colliers Director of Development Site Sales Hamish Burgess added “Northcote has seen exceptional growth over the past two years with the median house price increasing by nearly 50% from around $1,200,000 in 2019 to $1,750,000 in the second quarter of 2021.
This dramatic upswing in prices and strong performance in the established housing market has been a strong catalyst for developer interest in Northcote and the surrounding suburbs.”
The area acontinues to attract surging demand from developers.
“The inner north of Melbourne is a hugely popular mandate amongst buyers and opportunities are becoming fewer and fewer. This result will set the new benchmark for townhouse sites in this inner-city market.” Colliers Director of Residential Jozef Dickinson said.
The Purchaser, Lucent™ Managing Director Panos Miltiadou added “We were very pleased to purchase the site and more importantly it offers a continuation of our development ethos and journey. The site fits seamlessly into our purpose”
The Colliers team have been instrumental in the surge of recent sale activity in the inner north, managing the following transactions in 2021 alone; 10 Ballarat Street Brunswick, sold to Hines, 232 Banksia Street & 96-100 Oriel Road Bellfield sold to Glenvill, 81a Bell Street Coburg sold to a private developer and 699 Park Street Parkville sold to Mirvac.