Panorama Investment Group has offloaded a permit-ready apartment development site at Hawthorn.
The group is banking $9.7 million from the 1698 square metre parcel, 43 Riversdale Road, at the north east corner of Through Street.
It picked up the block for c$6.5m in 2017 from Erasmus College, which sliced it from what was a then-1.062 hectare campus.
The school paid $3.6m in 1997 to the Brigidine Sisters which occupied the property as the College of School and Philosophy.
The deal comes a fortnight since an ex-Le Pine funeral home at 166 Victoria Rd, Camberwell – a site on the suburb border with Hawthorn East, is speculated to be trading for $25m – some 30pc over expectation – to Hacer, in partnership with Time & Place.
Apartment complex coming
Savills’ Benson Zhou, Julian Heatherich and Nick Garoni sold 43 Riversdale Road to a China-based developer.
The Panorama permit allows for a four level building with 31 dwellings, penned by Jackson Clements Burrows (story continues below).
“The property has immediate access to the vast array of high quality amenity on offer in Melbourne’s inner-east,” the agents said.
“Popular shopping precincts at Glenferrie Road and Camberwell Junction offer eclectic retail while lifestyle amenity is plentiful underpinned by Fairview Park and prestigious schools being a short walk away,” they added.
“The luxury apartment market continues to see unwavering demand from developers who are confident in strong apartment resales allowing them to compete aggressively to secure sites like this,” according to Mr Zhou.
Mr Heatherich said with a median house price of $2.575m, buyers are being priced out of detached dwellings in the suburb.
“This is reflected by the immediate area’s high level of apartment development activity and a strong median unit price of $1.454m for three bedroom apartments in the suburb,” he added.
On Monday we reported a developer led by former footballer Paul Tuddenham listed an office forming part of a mixed-use complex which replaced the Bilia Volvo dealership, in Hawthorn East.
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