Chinese apartment developer splashes out $6 million for Brighton Swim School

A Chinese apartment developer has acquired the Brighton Swim School in bayside Melbourne for $6 million.

At 447 Bay Street, the 1004 square metre holding is set to be replaced with a medium density residential project once a lease to the pool expires shortly.

The property was offered permit-ready for a four-storey complex containing 17 apartments atop ground floor retail.

The site (outlined) relative to other multi-level developments, the Church Street retail strip, Brighton Grammar, the Royal Brighton Yacht Club and North Brighton train station.

The proposed redevelopment would also include 25 car parks.

Savills Benson Zhou, Julian Heatherich and Glenn Ye represented the vendor who paid $4 million in 2015.

The brokers said it was rare to market a development site “within one of Melbourne’s most affluent suburbs”, allowed for a mixed-use project.

The North Brighton train station is in the immediate vicinity, the agents said, as is retail amenity and schools.

More than 150 enquiries were made for the parcel, which Savills marketed for private sale.

The site (outlined) was offered permit-ready for a four-level complex containing 17 apartments and ground floor retail.

This resulted in 10 offers and a sale price which valued every square metre at $5769.

“Brighton is home to some of Melbourne’s most elite schools, such as Firbank Grammar School and Brighton Grammar School,” Mr. Zhou said. “It’s also known for its luxurious lifestyle offerings, café culture, beaches, and boutique shopping.”

“Bay Street in particular is an extremely prominent retail precinct, so offering the property with pre-approved mixed-use plans has enabled the purchaser to make terrific use of the property’s full potential.”

The sale of 447 Bay Street coincides with a wave of new developments in Brighton, the agents added.

“A 43.6 million proposal has been lodged by the Bayside City Council to build new community facilities, including $14 million to upgrade sporting infrastructure in the area, which will further enhance Brighton’s attractive lifestyle,” Mr Heatherich said.

“Nearby ‘ultra-luxury’ residential developments are also underway, such as the Nero apartments at 27 Black Street, ‘Ten to Twelve’ at 10 Lindsay Street, and New Street’s six-level luxury apartment project. ‘The Brighton Collection’…has also recently been completed.”

Recent Brighton deals

Church Street, Brighton.

Brighton carries a median house price of $2.3 million, according to realestate.com.au.

Earlier this month we reported that Anne Kantor AO – Rupert Murdoch’s sister – sold a retail investment in Church Street, Brighton, for $6.1 million.

In July, we reported that the producers of television show The Block acquired a c2770 sqm site at 360-364 New Street, Brighton, which will form the basis of the 2020 series.

This off-market deal was also negotiated through Savills.

Also three months ago we reported that Japara Healthcare outlaid $10 million to snap up three residential homes abutting its Elanora Aged Care Home, in the suburb.

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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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