The prime 1,040 square metre corner development site at 447 Bay Street is moments from Brighton’s iconic beach. The property has approved plans for 17 luxury apartments and ground floor retail facing Bay Street.
Savills Australia agents Benson Zhou, Julian Heatherich, and Glenn Ye negotiated the deal after a successful expressions of interest campaign that received over 150 enquiries and more than 10 offers, achieving a notably high land rate of $5,769 per square metre.
“Brighton is home to some of Melbourne’s most elite schools, such as Firbank Grammar School and Brighton Grammar School,” said Mr. Zhou. “It’s also known for its luxurious lifestyle offerings, café culture, beaches, and boutique shopping.”
“Bay Street in particular is an extremely prominent retail precinct, so offering the property with pre-approved mixed-use plans has enabled the purchaser to make terrific use of the property’s full potential.”
The sale of 447 Bay Street coincides with a wave of new developments in Brighton.
“A 43.6 million proposal has been lodged by the Bayside City Council to build new community facilities, including $14 million to upgrade sporting infrastructure in the area, which will further enhance Brighton’s attractive lifestyle,” said Mr Heatherich.
“Nearby ‘ultra-luxury’ residential developments are also underway, such as the Nero apartments at 27 Black Street, ‘Ten to Twelve’ at 10 Lindsay Street, and New Street’s six-level luxury apartment project. ‘The Brighton Collection’ at 19-21 Male Street has also recently been completed.”
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