The property located at 26-30 Buckley Street - benefits from a premium location within the Footscray culinary and business activity precinct, offering diverse retail, food and lifestyle attractions including the renowned Footscray Market.
CBRE's David Minty, Julian White and Scott Orchard negotiated the sale of the prominent 1,890sqm corner site with permit approval for a high density development comprising 139 apartments and five townhouses.
Minty says the property, which achieved a new land rate record of around $3,000 per square metre, attracted strong interest from developers looking to secure a presence in Melbourne's city fringe.
"This is a significant sale for Footscray and the broader inner-western region of Melbourne that reinforces the continuing demand for large residential apartment development sites in proven locations," Minty says.
White adds: "With new major projects being successfully sold and under construction - or nearing construction - including AZX Group's 'Riverina' project, Delta Property Group's 'Riverside' development and Growland's 'Joseph Place', Footscray is undergoing a transformation into a thriving metropolis, which is further providing confidence to the residential market."
White believes the sale was further evidence of Footscray's ongoing transformation into a leading residential hub.
"Originally an industrial precinct, Footscray has matured into one of Melbourne's most popular CBD-fringe suburbs offering a living, educational and working environment that is becoming the envy of many," he says.
Get our daily business news
Sign up to our free email news updates.