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Written by Marc Pallisco
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Friday, 18 June 2010 00:13 |
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IN a sign of how dense living is set to become within the CBD grid, a tiny 120 square metre development site – big enough to fit about six parked cars – will become an 11-level, 25-unit apartment tower.
The owner of a site at 22 – 24 Bennetts Lane has decided to sell after obtaining a permit to redevelop the existing block into a major tower.
Two years ago, the site sold at auction for $1.1 million or about twice what had been expected.
CVA director Anthony Carbone expects the site to sell for about $2.4 million this time around with a permit.
Mr Carbone said developer appetite for residential development sites, particularly in locations such as around the Bennetts Lane Jazz Bar is very strong.
Earlier this year Mr Carbone sold a 1526 square metre development site at 33 – 43 Batman Street, West Melbourne for about $8 million.
Like Bennetts Lane, the Batman Street property – an old warehouse - was listed for sale with a permit (for a 14-level, 136 unit complex).
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