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.
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.
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.
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.