An Armadale site permit-ready for a five level apartment project has sold for c$16m.
The 2186 square metre parcel, 79-83 Wattletree Road, is presently configured with three standalone homes.
The proposed redevelopment would contain 38 dwellings with an average internal area of 96 sqm.
Gross Waddell ICR’s Alex Ham, Danny Clark and Michael Gross were the marketing agents.
Charter Keck Cramer was the transaction advisor (story continues below).
“The campaign was one of the most hotly contested campaigns we have been involved with for some time and saw enormous amounts of enquiry from offshore developers, local established developers and premium builder/ developers,” Mr Clark said.
The sale comes five months since an investor paid $11m for a three level block of flats with little development upside on 2043 sqm at 97-99 Kooyong Rd.
More to come.
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