Newmark Capital sells South Yarra landholding
Melbourne, 18 October 2018 – A locally-based Malaysian developer has snapped up a vacant site in South Yarra with plans to secure a residential planning permit.
Gorman Commercial’s Jonathon McCormack and Andrew Prowse with CBRE’s Mark Wizel, Julian White and Chao Zhang negotiated the sale jointly on behalf of vendor Newmarket Capital.
The sale price for the 338 sqm, 14-16 Garden Street site was undisclosed.
The transaction followed a number of boutique site sales in South Yarra in recent months, with South Yarra one of Melbourne’s most successful and proven development markets.
Developers are attracted by the flexibility many sites offer for mixed-use, residential, office, hotel and retail development, and are acquiring sites with confidence that there will be strong demand from end users.
Recent South Yarra boutique development site sales include:
55 Claremont Street (461sqm) – $8,600,000 – June 2018
99-101 Commercial Road (257sqm) – $3,750,000 – September 2018
6A Wilson Street, South Yarra (2203sqm) – $2,161,000 – September 2018