Melbourne CBD site snapped up for $30.4m

16/09/2014 6:14 pm

51-65-Clarke-Street-Southbank-VIC-3006-Real-Estate-photo-1-large-6604923A Chinese developer has snapped up a site owned by the Buxton family for $30.4 million.

Brilliland Group purchased the property, marking is first investment into the Australian market. The site located at 51-65 Clarke Street in Southbank was sold without any planning permits in place. However, several other sites along Clarke Street have secured planning permits.

The substantial 1790sq m site, sold at almost $17,000 a square metre, is home to a low-rise office building that is leased to tenants on a short-term basis.

“The sale is also further evidence of the sustained interest from Chinese developers wanting to secure development sites in the immediate proximity of the Melbourne CBD, presenting many of the same benefits as the CBD in terms of amenities and access to transport routes,” said CBRE agent Mark Wizel, who along with colleagues Josh Rutman and Ed Wright negotiated the sale.

[via The Australian]