An enormous 3,059sq m landholding in the heart of Brunswick has sold in an off-market transaction handled by Jesse Radisich and Nick Peden from Savills, and Cameron Elliott from Blount Osborne Walsh.
The significant landholding with four street frontages at 655-661 Sydney Road & 50-52 Breese Street is home to the popular Brunswick Market, which has been in operation for over 20 years. It is understood that the market will continue operating for the foreseeable future while the new owners work on their plans for its redevelopment.
Savills and Blount Osborne Walsh were engaged to discretely source a buyer for the property on behalf of the vendors who have owned the property since 2004. The sale price of $17,000,000 represents a land value rate of $5,557/sq m and sets a new land value benchmark for Brunswick for a major landholding.
The selling agents would not comment on the identity of the purchaser, but it is understood that they are an interstate based developer with overseas interests.
The site is zoned Commercial 1 and has a preferred development height of around 6-7 levels. It is believed that the purchaser has plans for a major apartment project which will redefine this pocket of Brunswick and continue the boom of residential development in the area.
Situated a short walk from Anstey Train Station, this pocket of Brunswick continues to attract huge interest from developers with many major projects currently under construction or planned by developers, including Milieu and Nightingale Housing.
“This major transaction is a huge vote of confidence for Brunswick, and Melbourne’s inner north generally. It is undoubtedly a sign that developers are willing to compete aggressively and pay a premium for sites that offer that scarcity factor along with significant upside,” said Jesse Radisich from Savills.
After working closely with the vendor for the past 10 years, Cameron Elliott from Blount Osborne Walsh said “The sheer size of the land in this location was a major drawcard to a number of buyers, and the ‘scarcity’ factor played a major role in the significant demand for the land and the eventual sale. Our expertise in assisting owners through a sale of this calibre and achieving the best possible result, coupled with our strong working relationship with Savills made the vendor’s decision an easy one.”
“We implemented a discreet off-market sale campaign, strategically targeting not only the most capable local groups and major developers, but also interstate and off-shore groups seeking major landholdings and opportunities in Melbourne. We continue to see developers flock to inner-city suburbs rich with amenity, and the bigger picture of Melbourne’s huge projected population growth provides strong confidence,” Jesse said.
This sale represents Brunswick’s largest development site transaction for almost five years and highlights the rarity of the offering.
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