Cushman & Wakefield Melbco Development Sites announce the successful sale of 137-157 Adderley Street, West Melbourne, an unrepeatable permit approved site for a boutique residential development in the highly sought after Melbourne City Fringe location.

Amidst the rise in cost of construction and labour shortages, our experienced local developer here expanded their land holdings in a triple fronted site with a permit for 96 residential apartments. The incoming developer is looking to capitalise on the existing permit of 6 levels and conduct a build-to-sell development. The permit can no longer be obtained with current planning controls only allowing for 4 levels.

The competitive Expressions of Interest process generated five (5) offers from a diverse group of purchasers with different uses in mind for the site including Build-To-Sell, Co-Living and Owner Occupation. 

The eventual purchaser is a local developer who has a strong longstanding track record in the precinct and will utilise the current permit.

The transaction highlights that despite significant challenges and headwinds in the development space, experienced and astute developers of the Melbourne market are still actively acquiring high quality sites said, Cushman & Wakefield agent Leon Ma.

Summary:

• Property address – 137-157 Adderley Street, West Melbourne
• Asset Type – Development Site
• Sale Price - $9,250,000
• Land Rate - $5,792/sqm
• Zoning – Mixed Use Zone
• Permit – 96 Residential Apartments
• Vendor – Private Chinese
• Purchaser – Local Private Developer

Selling agents – Cushman & Wakefield Development Sites Team (Leon Ma, Oliver Hay, Marcus Neill & Jeff Ha)