A cash buyer outbid numerous other investors to snare an enormous land holding in the South Camberwell retail village.
The unique site – six adjoining retail and commercial freeholds – sold for $10.05 million against $9.5 million price hopes.
The incoming owner offered a (short) 23 day settlement.
Covering 398-410 Burke Road, near the north east corner of Toorak Road, the buildings contain a total of 1038 square metres of area.
They sit on 1963 sqm of land zoned Commercial 1 – and therefore appropriate for a redevelopment including residential.
The sale price values each sqm at $5120.
Savills Jesse Radisich, Nick Peden and Benson Zhou represented the vendor, who acquired the property in two parts over the past few years.
The agents described it the offering as “the ultimate Camberwell landholding” promoting it as a passive investment, value-add opportunity or development play.
The block is 50 metres from Epworth Camberwell and near the Stockland Tooronga Shopping Centre, which Newmark Capital acquired for c$64 million in July.
South Camberwell Retail Village is about 10 kilometres east of the Melbourne CBD.