Local buyers win Camberwell site despite big-money international offers
Local buyers have outmuscled international developers to secure a prominent commercial site in Camberwell in an eight-figure December sale.
Six neighbouring retail and commercial buildings with Commercial 1 zoning at 398-410 Burke Rd sold for $10.05 million in the deal.
Savills CBD and Metropolitan director Jesse Radisich says offshore bids had come in above the sale price but were knocked back in favour of a shorter settlement period.
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“All vendors like their money as quickly as they can (get it) and 23 days is very appealing,” Radisich says.
Six retail buildings at the commercial site, which sold for $10.05 million.
The locally-based group of vendors had amalgamated the freehold buildings over the past four years, he says.
Radisich says it is common and often fruitful for individuals to team up to buy and sell commercial properties.
“It’s a good way to maximise the value of landholdings,” he says.
Burke Rd is a busy thoroughfare in Camberwell.
The purchaser is considering turning the site, which has 44m of street frontage, into a mixed apartment and retail development.
“In a very positive sign of strength in the market, a cashed up local buyer was able to outbid strong offshore and other local interest with an incredibly short settlement period,” Radisich said.
“The current owner was very deliberate in not putting in place any long-term leases at the property which would restrict short-term development. This of course makes the site ideal for a prime mixed-use development in the near future.”
This article from The Herald Sun originally appeared as “International interest rebuffed in favour of cheaper local offer in Camberwell”.
