A China backed apartment developer, in its maiden Australian deal, has purchased the St Kilda site which was Toyota’s first local car dealership.
The 3469 square metre Residential Growth zoned plot at 170-172 Chapel Street, at the junction of Brighton Road and Grosvenor St, has collected $23.5 million – or about 15 per cent over guide.
Based on the rent paid by the current tenant – Australia Post – the transaction reflects a 1.8pc yield.
The land was not offered with a permit but is covered by a Design and Development Overlay which would allow for six storey buildings.
“The international expressions of interest process was highly competed and generated…14 offers from a varied developer profile,” Mr White said.
“Offers were received from a range of local and Asian based apartment developers, four build to rent groups, as well as a party looking to complete a vertical retirement living concept” he added (story continues below).
Elsewhere in the area, in June, an Asia based residential developer outlaid $5.35m for neighbouring warehouses covering 1158 sqm at 6-10 William St.
Last year, the home of reception centre, Red Scooter, at #25 in that street, traded for $2.16m.
On 333 sqm, that property is now earmarked for an indoor recreation facility.
In Windsor, local developer Martin Strode recently won permission to construct a nine storey hotel on airspace above train tracks at 24-28 Chapel St.
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