officer land
This is the first time the Officer site has been offered in 33 years. Image Supplied.
  • Sale was facilitated by CBRE
  • Sale price equates to about $3.65M per hectare
  • Per hectare caters for 15 dwellings

A local residential developer has acquired a major infill site at Officer in Melbourne’s southeast for $43 million – a record for such a site in the area.

Victorian development site agents David Minty, Nathan Mufale and JJ Heng of CBRE sold the property – the first time the corner landholding site has been offered for sale in over 33 years- on behalf of a private family via a public expression of interest campaign.

“The sale price smashes all metrics achieved for a development site sale in Officer, representing a record rate of $3,650,000 per hectare,” commented Mr Minty.

The 12.28-hectare site is part of the Officer Precinct Structure Plan. Per net developable hectare, this caters for 15 dwellings.

“The on-market campaign generated 18 offers from highly competitive private and institutional developers, located both domestically and offshore.”

David Minty, CBRE

Seven bids were sourced via CBRE’s Asian Services Desk with a total capital allocation of over $500 million received during the first round of offers, reflecting the strong level of active capital in the market for residential development sites.

The sales price was $11 million above the reserve price, representing a 26% uplift between the two rounds.

“We’re experiencing strong demand from developers looking to secure development pipelines in this region, which is unlikely to be satisfied in a market which is very short on appropriately zoned or earmarked landholdings,” Mr Mufale added.

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