Prime Prahran development site sold by Colliers

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Prime Prahran development site sold by Colliers

A prime commercial office development site at 43 Porter Street Prahran sold by Colliers expert Ben Baines, via a successful off-market campaign.

Colliers

43 Porter Street, Prahran sold by Colliers

Nov 1, 2024

Colliers announce the successful off-market sale of a prime commercial office development site at 43 Porter Street, Prahran. The property, which features an approved planning permit for an eight-storey office building with 2,169 sqm of permitted Net Lettable Area (NLA), was sold for $4,500,000, representing a land rate of $9,000 per sqm.

Exclusively appointed by a local investor, Colliers conducted a targeted off-market sales campaign, identifying several adjoining property owners and active developers who had previously missed out on similar opportunities.

The 500sqm Activity Centre Zoning (ACZ) site was purchased by an adjoining developer, Kincrest, who is underway with planning for a $100m mixed use project, featuring retail, commercial office and large residential apartments, leveraging off it’s connectivity to retail and public transport amenity.

Kincrest has engaged Cheah Saw Architecture to incorporate the site at 43 Porter Street into an amalgamated adjoining site at 3-7 Grattan Street, Prahran.

According to Tom Howgate, director of Kincrest "The Greville Street precinct has undergone a revitalization in recent years, thanks to support from the City of Stonnington. We're thrilled to be part of such a lively, historic area."

Ben Baines, Director at Colliers, said, "The sale of 43 Porter Street is one of a string of successful transactions managed by the Colliers Melbourne Metro Investment Services team. We have successfully transacted over $50 million worth of Stonnington assets this year to date, highlighting the municipality's high demand and robust activity."

The recent $50 million worth of sales secured by Colliers includes a diverse range of properties, such as retail, office, and development sites throughout Stonnington. This significant volume of transactions underscores the strong market interest and confidence in the area, which remains one of the most sought-after regions in Victoria.

"Stonnington continues to attract significant investment due to its strategic location, vibrant community, and robust infrastructure. The municipality's ongoing development and growth make it a prime target for investors and developers looking to capitalise on its potential," Mr Baines added.