Off-shore developer outbids locals

11 May 2018

A Chinese developer has purchased an Ormond development site for $3.38 million, as opportunities in Melbourne’s south-eastern suburbs continue to be in high demand.

Savills Australia’s Jesse Radisich, Nick Peden and Julian Heatherich brokered the deal for 291 Grange Road and 4 Walsh Street, saying significant interest was shown in the block of land, with a total of 111 registered parties.

“Numerous offers were received throughout the sale process, with a China-based purchaser managing to outbid other local and off-shore interest,” Mr Radisich said.

Mr Radisich said off-shore buyers continued to demonstrate strong desire and determination in securing quality Melbourne development sites, and were willing to bid aggressively in order to compete with local groups.

“Notwithstanding the irregular shape of the site and main road position, this sale is a demonstration of the robustness of the current development market,” he said.

“The volume of interest and number of offers received for this site shows solid market competition.”

 
 

Key Contacts

Jesse Radisich

Jesse Radisich

Director
CBD and Metropolitan Sales

Savills Melbourne (150 Collins Street)

+61 (0) 402 085 702

 

Nick Peden

Nick Peden

Director
CBD and Metropolitan Sales

Savills Melbourne (150 Collins Street)

+61 (0) 3 8686 8011