Local buyer reels in Fishermans Bend site for $7.52 million
An eight-storey height limit, three street frontages and the potential for more than 80 apartments was enough to interest several bidders and secure the sale of a site in South Melbourne’s flourishing Fishermans Bend fringe precinct.
A private owner-occupier bought the 1237-square-metre site at 37-47 Thistlethwaite Street for $7.52 million, according to agents – even without development approval.
“The property had no permit in place but did have the benefit of an eight level height limit, three street frontages and an architectural feasibility for 84 apartments,” Colliers International’s Hamish Burgess says.
“We are continuing to see strong confidence in the South Melbourne area from developers who are attracted to its convenient inner city location and strong median house prices.”
Mr Burgess, who marketed the property with colleagues Trent Hobart and Andrew Ryan, says there is strong confidence in the South Melbourne area as developers are drawn to its inner-city location and strong median house prices.
The site in Thistlethwaite Street is about three kilometres from the Melbourne CBD. Photo: Supplied
“Plot ratio changes in the Melbourne CBD have also put further supply pressure on developable land, making fringe precincts such as Fishermans Bend and South Melbourne attractive alternatives,” he says.
A neighbouring property at 15-35 Thistlethwaite Street sold recently for $8 million to a private Chinese developer through Colliers International’s development site sales team.
This campaign also generated significant interest from both local and offshore developers.
Mr Hobart says a number of projects are continuing to drive interest in the Fishermans Bend precinct, with the two sales the latest in a flurry of activity in the area.
“Melbourne’s city fringe, and more specifically South Melbourne and Fishermans Bend, has seen considerable capital growth in the past two to five years and as such vendors are seeing this as a window of opportunity to capitalise on favourable selling conditions, where demand continues to outweigh supply,” he says.
