The former Le Pine funeral home and an adjoining office, in Camberwell, have sold for about $25 million to Hacer’s Vin Sammartino who will co-develop it with Time & Place.
At the south west corner of Burke and Victoria roads, the 2090 square metre site at was offered permit-ready for a seven level building with apartments, offices and shops.
JLL’s Josh Rutman, Jesse Radisich, Nick Peden and MingXuan Li, who represented the vendor, Angle Victoria, said eight initial offers were received.
Five developers contested in a second round.
The guide was $18m.
Former Le Pine site
The development site includes the ex-Le Pine home at 981 Burke Rd, which previously traded for $9.275m last January (a historic dwelling on this plot was controversially demolished four months later).
The holding also includes a two storey office (979 Burke Rd), leased to Australian Health Service Alliance until December, which last sold in 2018 for $3.9m (story continues below).
The Cera Stribley Architects proposal has the potential to be reworked – with the 447 sqm office component able to be replaced with more dwellings.
The approved project would also contain 128 car parks.
“The site is unique compared to other comparable developments in Boroondara as it benefits from having…Camberwell train station only 300m to the south,” the agents said of the site they marketed as 166 Victoria Rd.
“Adjacent to the site are both the Tara and Russell estate precincts, which are recognised as being the most premium pockets within Camberwell,” they added.
The former Le Pine Camberwell car park across the road has recently been replaced with a four floor, 16 dwelling complex.
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