Colliers are proud to announce the recent sale of 10 Ballarat Street, Brunswick.
The site achieved a sale price of $16.5 million, resulting in a land rate of $3,885/sqm and unit rate of $101,227.
This property presented an outstanding residential development opportunity in what can only be described as the 'ultimate urban location'.
Sitting on expansive land size area of 4,247sqm, the property was offered with a permit by Bruce Henderson Architects for 163 apartments over eight levels and a Net Saleable Area (NSA) of 12,160m²*
Positioned in an Inner city location close to the Sydney Road retail precinct and the property contains existing improvements including a warehouse and office of 2,700m²
Colliers handled the Expressions of Interest sale process which was targeted towards traditional Build to Sell Developers as well as the burgeoning and active Build to Rent Groups.
The competitive sale campaign resulted in 8 offers being submitted for the property from both targeted buyer profiles. Hines was the successful Purchaser at the end of the process and will be commencing their first Build to Rent project in Melbourne with this acquisition.
Colliers Director of Residential Trent Hobart said, “Competition from Build to Rent (BTR) players in Melbourne’s City Fringe and inner Metro market is extremely strong. We have recorded around $300 million worth of Build to Rent transactions in Melbourne’s market in the past 12 months and anticipate many more to be announced in the second half of 2021, with multiple transactions currently under offer or in Due Diligence.”
The activity throughout the CBD and fringe markets has been incredibly strong in 2021 surpassing that of previous years.
National Director of Colliers City Sales Oliver Hay added “We are experiencing overwhelming capital for highly amenitized residential and commercial sites far beyond 2019 levels”
The inner north continues to be a highly sought-after area due to its proximity to the University Precinct, the CBD and its continued rapid levels of gentrification.
Director of Colliers Development Sites Hamish Burgess said “In 2021 Colliers have negotiated in excess of $100 million worth of sales to both traditional and BTR developers throughout Brunswick and Coburg and expect this demand to remain robust moving forward.”