Rapidly growing agency, Stonebridge Property Group, have completed an off-market sale of a 20-unit apartment block, located at 8 Louise Street, Melbourne. The deal was completed by Stonebridge specialist development site agents Julian White and Chao Zhang, who represented the 20 owners in the collective sale.
The 1,224sqm parcel is located on the corner of Louise Street and Queens Lane. The property is currently improved with a three storey 1950’s apartment block, comprising 20 units owned by a range of occupiers and investors.
Partner of Stonebridge Property Group, Julian White said of the sale “It’s an incredible achievement by the ownership group to unite in this sale process. With 20 individual owners, these types of deals are never straight forward. To conclude this outcome for them all is a very special feeling.”
The concept of owners corporation sales have been discussed on and off in development circles, however only limited deals have resulted. Owners corporations in Victoria require a 100% vote from all owners to complete a sale, which has delayed many similar opportunities. “Often in older apartment buildings, ongoing capital works are also increasing to maintain the building. This can further enhance the collaboration for a deal that works for all owners.” added Mr White.
The strength of the sale demonstrates the lack of supply of good quality inner city sites for development. Mr White said “We have more buyers contacting us with very similar requirements for sites with potential for 100-300 apartments than there are sites in the market. A lot of developers are taking an optimistic view to the future of the apartment market and wanting to secure sites now to fulfil this future pipeline.”
The property was purchased by local developer, Samuel Property, who plan to undertake an apartment development comprising approximately 115 apartments being a mix of 1, 2 and 3 bedrooms, with basement car parking and resident amenities. A lodgement for town planning is expected in the coming months with sales and construction slated for mid to late 2022.
“After many months of working with the collective ownership group through their agents at Stonebridge Property Group, we are incredibly excited to have secured the property at 8 Louise Street,” said Samuel Property Managing Director, Illan Samuel.
“We look forward to bringing the same high level of detail from our recent developments to 8 Louise Street, whilst also enjoying the incredible amenity provided from the prime location” continued Mr. Samuel.
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