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PICCOLO Developments is poised to launch a luxury apartment project in Fitzroy after snaring an office building for $7.8 million.
The Melbourne-based developer will utilise the existing quarter acre site for the project, which was previously occupied non-profit Australian Volunteers International.
Located on the corner of Argyle and Fitzroy streets, the sale price represented a premium on initial expectations of about $6 million with a rate of $7635 per sqm of land.
Savills Australia agents Nick Peden, Clinton Baxter and James Lockwood brokered the deal.
Peden says the marketing campaign attracted more than 130 enquiries from local and offshore developers and investors.
He says the property demonstrated development potential within a popular area for apartments, with dining and entertainment precincts nearby.
"We had a huge amount of interest, which we were expecting given the location as arguably one of the best precincts for multi-unit development in Melbourne, and that interest was reflected in what was one of the best land rates of any recent comparable sale," Peden says.
"The property is just 50 metres from Brunswick Street - one of Melbourne's best known retail and entertainment strips, and that has been a key driver for successful residential developments in the vicinity."
Lockwood says the property also offered close proximity to the CBD, as well as access to several public transport options.
He says Fitzroy has seen a surge in applications for new apartment development in recent years, many of which comprised low to medium rise boutique developments designed to fit in with the suburbs strong neighbourhood character.
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