Savills Melbourne has just sold a corner Brighton site with an approved permit for a high-end low-rise residential development. The vacant site at 448 St Kilda Street, corner of Head Street, was sold to a Chinese developer before it was listed to the public market for a record price.
According to Savills’ Benson Zhou, who brokered the deal with colleagues Julian Heatherich and Dorothy He, the property sold at a price of $11,000,000 representing a land rate of $5,618 per square metre and $355,000 per unit.
Mr Zhou said ‘Brighton continues to stand out as one of the highly sought-after suburbs by savvy developers who look to capitalise on the ongoing demand for luxury projects. The recently approved permit generated a significant windfall for the vendor who paid $6,350,000 for the site 3 years earlier’.
Mr Heatherich said that developers were continuing to snap up luxury projects at every opportunity, being sold immediately after our recent sale of a luxury project at 553-555 Burke Road, Camberwell for $9,188,888 to local developer Kokoda.
He said the design of the project and its location in close proximity to Elwood beach, Ormond Road retail precinct and Brighton village was the driving force that ultimately attracted several offers before the public launch.