A local childcare developer has outbid local and Chinese residential developers to purchase a Northcote development site for $4 million.
A local childcare developer has outbid local and Chinese residential developers to purchase a Northcote development site for $4 million, highlighting the emerging trend of childcare operators seeking to establish a footprint in Melbourne’s inner suburbs.
Savills Australia’s Jesse Radisich, Nick Peden and Benson Zhou negotiated the deal for 279-281 St Georges Road, saying there was significant depth of interest in the property.
“There were more than 130 interested parties registered throughout the sale campaign, culminating in 10 individual offers received to purchase the site,” Mr Radisich said.
The successful purchaser was able to only just outbid both local and Chinese residential developers who had apartment plans for the site.
“The sale price represents a new benchmark land rate of more than $3,300 per sqm, highlighting unprecedented levels of competition amongst developers,” Mr Radisich said.
“This represents a particularly strong outcome given the short settlement period of 60 days, and is testament to the resilience of the development market and confidence from both residential and childcare developers,” he said.