$3.9m Blackburn Sale Sets New Benchmark
26 October 2016
A Chinese developer has trumped local competition in paying $3.9 million for a Blackburn development site with a permit for a luxury apartment project, in a deal brokered by Savills.
According to Associate Director, Jesse Radisich, who negotiated the deal with Director Nick Peden, the sale of the 22 Blackburn Road property represented a new benchmark in values within the area, with the site transacting for a record unit rate of $156,000 per unit.
He said the 1,486 square metre, Commercial 1 zoned site drew a high level of enquiry from both local and off-shore developers looking to take advantage of the growing market for boutique, mixed-use developments which are targeted towards owner-occupiers and the significant growth in the local population.
“This site was offered to the market at a time when boutique projects which comprise larger apartments are incredibly highly sought after. There aren’t enough sites like this to satisfy the current level of demand.
“The price also reflects the abundance of existing local amenity including prime retail, schools, parks and public transport as well as close proximity to Box Hill and the CBD,” Mr Radisich said.
Mr Peden said the permitted project would include 20 large two-bedroom apartments plus valuable ground-level retail.
“This is a well thought out, well-balanced and finely targeted project that will appeal to the strong local apartment market and for that reason it was very highly sought after,” Mr Peden said.
The vendor was a Melbourne based investor.
