Offshore developer acquires another Riversdale Road site

A Chinese developer paid $9.7 million for 43 Riversdale Road, Hawthorn, last month.

For the second time in as many months, an Asia-backed developer has swooped on a Riversdale Road site with plans for luxury apartments.

In the latest deal, a 1592 square metre block at #336-338, at the south west corner of Clive Rd, Hawthorn East, is trading for $7.5 million.

The property is diagonally adjacent to the four floor Rylands of Hawthorn aged care facility.

Camberwell Junction is about five blocks away.

Savills’ Julian Heatherich, Benson Zhou and Nick Garoni brokered the off-market deal (story continues below).

The Hawthorn East block comprising three standalone homes is earmarked for a luxury apartment project.

The same agents last month sold a Chinese builder a 1698 sqm Hawthorn parcel, 43 Riversdale Rd, for $9.7m, permit-ready for a four floor complex with 31 dwellings.

“This is our second sale within recent months on Riversdale Rd, with both development sites transacting to groups with financial ties to Asia,” Mr Heatherich said.

“This buyer group has grown increasingly prominent in the luxury development market,” he added.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of