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Developer pays $2.125m for Parkdale apartment site

Property Markets / Transactions


Feb 10 2018

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A local developer has outbid several others to land a Parkdale site, with a permit for a multi-unit residential development, at a lively Teska Carson auction. 

According to selling agents, Teska Carson’s George Takis and Luke Bisset, the 123-125 Como Parade East property, sold for $2.125 million at a land rate of $2390 a square metre and $212,500 per apartment site.

Mr Takis said there remained very strong demand for apartment sites and particularly those with a current permit.

``While the CBD apartment market might have cooled off a bit the same cannot be said for suburban Melbourne where the demand remains as strong as it has been for several years.

``Sites with permits attract strong developer attention and when you add an eastern beachside suburb within CBD commuting distance, three street frontages, and some short-term income you have an irresistible combination,’’ Mr Takis said.

The 889 square metre property with a four bedroom dwelling, is located just 200 metres from Parkdale Village and Parkdale railway station and within a short walk of the beach. It was sold with a short-term tenancy.

The approved planning permit allows for 10, two-bedroom, apartments across two levels with 12 basement car spaces.  

Mr Takis said Melbourne’s bayside suburbs were increasingly attracting the attention of developers as the number of opportunities in fringe suburbs declined and land values escalated.

  ``Parkdale is an attractive bayside location serviced by excellent lifestyle amenity including retail destinations such as Westfield’s Southland Shopping Centre, quality schools, trains and buses and quick access to several arterial routes, all of which contribute to the ongoing growth and desirability of what is a well-positioned suburb.

``Melbourne’s strong population growth has provided a ready market for multi-unit developers and, with Melburnian’s increasing penchant for bayside living, opportunities such as this are very well placed to capitalise,’’ Mr Takis said.




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