A luxury residential building will replace a prime development site opposite Melbourne’s Caulfield Park after selling this week for a speculated price of about $8.5 million.
An older style block of flats on the property at 235 Balaclava Road, Caulfield North (pictured top and left), about 11 kilometres south-east of the CBD, is set to be razed.
On a 2297 square metre block zoned Residential Growth, the property was marketed to residential developers, aged care and childcare providers – as well as investors.
It was offered with a permit for a retirement living development.
“The campaign generated significant interest from a range of developer profiles but was ultimately secured by a local residential developer looking to carry out a luxury project,” Colliers International associate director Hamish Burgess said.
“Prime sites with unique attributes, such as park frontage, continue to receive strong demand as developers seek a point of difference for their end residential product”.
Mr Burgess represented the vendor with colleague Trent Hobart.
Neither agent commented about the price however the property was marketed throughout the campaign as being worth about $8.5 million.
The deal comes in the same week we reported an investor outmuscled two residential developers to snare 360 High Street, Windsor, for $6.6 million. This property, opposite Victoria Gardens, about six kilometres south of town, was marketed by Knight Frank’s Andrew Greenway, James Thorpe and Tom Zhou.