Camberwell block of flats sells to Chinese developer for c$12 million

EXCLUSIVE

A block of flats in Camberwell, on land owned by one family for 67 years, has sold to a Chinese residential developer for a speculated price of nearly $12 million.

A high quality medium-density project is expected to replace the 4805 square metre site at 1 Cooloongatta Road in coming years.

An aerial image showing 1 Cooloongatta Road relative to Camberwell and Canterbury landmarks and Box Hill, about four kilometres away.

The brokers said the public sale campaign attracted interest from local and international developers and land bankers.

Aged care accommodation providers also contested, as did investors – the asset earning annual income of $297,984.

More than 105 enquiries were generated for the site in the leafy eastern suburb, about 10 kilometres from the Melbourne CBD.

The vendor offered the property with a residential redevelopment scheme penned by Peddle Thorpe.

Two train stations are walking distance from the block – at Willison and Riversdale, while the Camberwell Junction and the Burke Road retail strip are about a kilometre away.

Savills Jesse Radisich, Nick Peden and Benson Zhou marketed 1 Cooloongatta Road but declined to comment about the specifics of the deal including buyer, vendor, and sale price, when contacted.

Last week we reported that another family banked eight figures selling a large residential parcel in Melbourne’s leafy east: four historic homes over two streets in Hawthorn East (pictured, below) sold for $11.68 million – again following a deal brokered by Savills.

A family offloaded these four neighbouring Hawthorn East homes for $11.68 million last week, as we reported in this item.

In May we reported that eight owners of villa units, occupying a central Box Hill site, united to sell their block at 12-16 Shipley Street to a Chinese developer. The deal yielded $14.1 million, valuing each of the rundown brown-brick units at $1.76 million.

Box Hill is about four kilometres further east of the city than Camberwell.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
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