A strongly contested EOI campaign was brought to a successful end when developer Noetic Places paid $17,325,000 for a 3,662m2 GRZ site in one of Hampton’s most sought-after pockets. The sale at 28-34 Service Street, Hampton reflected a land rate of $4,731/m².
Noetic Places' Director Stephen Barrow-Yu, is also developer of nearby project Reunion Place which has been designed by the renowned Fender Katsilidis together with Eckersley Garden Architecture. The development has an expected completion date of November 2023. Of their next venture, Mr. Barrow-Yu commented,
"We are excited by the purchase and are now committed to a process of community engagement and design, ensuring a development appropriate to an incredible and important site, which will be named Noetic Place."
Noetic Place will be a collection of sustainable homes in lush garden settings, located in the heart of Hampton, one of Bayside’s most prestigious suburbs. It is walking distance to an abundance of retail speciality stores along Hampton Street, 450m* from Hampton Train Station and 600m* from Hampton Beach.
Colliers’ Director of Development Sites Hamish Burgess together with Joe Kairouz and Jozef Dickinson facilitated the sale last week which comes in addition to other recent sales at 1 & 1A Centre Road, Brighton East and 19-25 Oakwood Avenue, Brighton, all of which displayed strong demand and premium results.
“The successful outcome achieved on these sales is an acute example of an established market with consistent buyer demand driving developer appetite.”
Mr. Burgess continued, “Hampton has and always will be highly prestigious and sought-after. Demand for top tier sites in prime locations remains extremely strong. The site was contested by both local residential and interstate developers who were attracted by the impressive beachside location and the 70m* north facing street frontage. In proven locations such as Hampton, there is strong demand to supply the local owner-occupier market which comprises of equity rich down-sizers, returning expats, and aspirational younger families.”