- 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.
