More than 20 Melbourne owners join combined sale

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The phenomenon of neighbouring property owners teaming up to cash in on the demand for large development sites doesn’t seem to be going away anytime soon, with more than 20 owners in Melbourne banding together.

Twenty-three owners in Melbourne have joined forces for a sale that will see a 1,856 square metre parcel of land in the city’s CBD sold as one lot.

The parcel of land, which currently contains residential, retail and commercial buildings, as well as a multi-storey car park, has been placed on the market following the respective owners being approached repeatedly in recent months.

“After receiving numerous approaches over the past six months, the owners of these properties have unanimously decided to take advantage of the current strong market conditions,” , CBRE Melbourne city sales agents Josh Rutman said.

“We are seeing more and more situations where property owners are looking to unlock the value of their holdings by joining forces with neighbours to capitalise on the current appetite for development sites,” Rutman said.

While this is not the first time Melbourne has seen such a sale, Rutman said the location of this site makes it somewhat unique.

“Whilst most of these types of sales have taken place in middle ring suburbs, this is one of the few examples closer to the CBD, which is expected to attract the attention of a range of local and offshore developers,” he said.

“This is one of the last genuine opportunities to acquire development land on the famed Queensbridge Street boulevard. With a range of developers achieving some unparalleled apartment sales success in the precinct, we expect a diverse mix of interest, especially given the relative lack of development land offerings in the Melbourne CBD since early 2015.”

Combined sales aren’t confined to Melbourne either, with owners in Sydney suburbs such as St Leonards combining earlier this year to reap massive windfalls.

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