Development sites to the fore
Inner and metropolitan Melbourne is currently flush with development sites listed with the city's largest real estate firms, all of whom are still eager to cash in upon the favourable market factors allowing for consistently high sales prices.
A sweep through available listings sees scarce few truly blue-chip development sites on offer, but rather an abundance of noteworthy (some may argue secondary) development sites capable of handling a multitude of predominantly apartment projects. While development sites are always in demand, the increased number of permit approved development opportunities is also on the rise.
Seen below is an overview of what is currently on offer.
CBRE City Sales remain the dominant force
CBRE City Sales account for the majority of large development sites and schemes on offer. The most recent addition is 18 Moray Street on Southbank which has been offered for sale with a residential development scheme of 47 levels mooted over the 438sqm site. Also on Southbank and 57-59 Haig Street is also offered for sale, with an approved Bruce Henderson-designed 39 level apartment tower in tow.
Two additional heavyweight development sites are also under the guidance of CBRE City Sales; they being 596 St Kilda Road and 8 Claremont Street, South Yarra. Both plots are expected to see 20-odd level residential projects in due course.
Of the plethora of additional sites with CBRE City Sales up for grabs, a number stand out for differing reasons. 682-686 Doncaster Road Doncaster, 808 Sydney Road Brunswick and 111 Canning Street North Melbourne are available with approved planning permits attached while 100 Park Street South Melbourne presents as one of the few projects which is available for purchase with significant apartment pre-sales in place. Developer 94 Feet has elected to move the site on.
Of the remaining CBRE City Sales listings 1234 Nepean Highway Cheltenham and 409 Spencer Street West Melbourne shape as likely residential plots capable of handling high-rise projects.
A clean slate
There is no shortage of traditional knock-down development sites on offer,although there'll be no knocking down of the first site shown below. Among Colliers healthy number of listings is 150 Oxford Street Collingwood. Covering 3,336.4sqm, the site sits within the Foy & Gibson precinct and has been touted as a likely candidate for additional levels to be added above the existing structure.
Notable sites also with Colliers include 22-28 Courtney Street North Melbourne and The Millennium Site at 1000 La Trobe Street which has been covered on Urban.com.au previously.
Fitzroys are offering 63-69 City Road Southbank with an indicative outline suggesting a slim tower in the vicinity of 200 metres is on the cards while JLL have listed 87-105 Racecourse Road North Melbourne. At 6,500sqm the site could accommodate multiple buildings in any chosen form.
Perhaps most interesting is 134-148 Little Lonsdale Street and 17-23 Bennetts Lane Melbourne with Mulcahy & Co listing the 1,543sqm site. In what was once a low-rise precinct, the area has seen intense residential development including the completed 57-level Abode 318 and the proposed 52 level 141-149 La Trobe Street which backs on to Bennetts Lane.
Permit approved sites lessen the workload
The term 'flipping' has become quite prevalent of late, with negative connotations associated with the term in certain circles. It could be argued more often than not though the selling of permit approved development sites is generally the result of land owners realising the worth of their land, but also not having the financial means or experience to bring a given development to fruition.
Seen above are another five permit approved development sites currently available. Vinci Carbone have 3-5 Bedford Place North Melbourne as being 'under contract' while Crabtrees' 3 Chesterville Road Cheltenham is also available, involving 32 apartments within a six level development.
Others ready to go include 316-320 Neerim Road Carnegie, 3-7 Noble Street Noble Park with 92 approved apartments, 53 Earl Street Kew and 2-8 Barry Street, Brunswick. Combined these six projects could yield 282 if realised.
