95 St Kilda Road, St Kilda

A 945sqm site on St Kilda Road has been transacted following an expressions of interest campaign, handled by Stonebridge Property Group’s Julian White and Chao Zhang, in conjunction with Gorman Allard Shelton.

The mixed-use zone land allotment has recently been used as a hire car depot but will now be developed for a mid-rise apartment project following the sale. The sale price was over $10,000/sqm on the land rate, with the purchaser being a prominent Malaysian developer, sourced via Stonebridge Property Group’s Asia Practice.

Stonebridge National Partner, Julian White said “Developers are recognising the housing market in Melbourne is undersupplied, with experienced developers actively engaging on our listings at present, to secure a pipeline of stock to meet a small portion of this expected demand.”

Stonebridge Partner, Chao Zhang said “the purchaser profile is representative of the ongoing engagement we are seeing from Asian developers with a net-work in Australia, continuing to want to be active and seeking new opportunity.”