Stonebridge Property Group were delighted to offer a portfolio of townhouse sites to the market. All located in Melbourne’s east, Stonebridge had placed 3 exciting development opportunities up for sale; 79-81 King Street, Templestowe, 6 Malcolm Crescent, Doncaster and 27 Box Hill Crescent, Mont Albert.
The sites impressively received much attention from many investors during the campaign, having generated over 300 enquires.
Amidst a cold and rainy Friday afternoon a substantial crowd of over 100 people gathered to the much anticipated auction event. Held on-site at 79-81 King Street, many investors were eager to capitalize on the townhouse opportunities.
The event began with the sale of 79-81 King Street. The expansive 2,176sqm* site with an 86m* street frontage had gained development approval for 10 townhouses to be built. With 8 bidders competing for the landholding site, the auction opened at $2.5million and was quickly announced 'on the market’ at $3.5 million. After a tight tussle, one bidder had successfully secured the property for $4.17 million.
The attention was then turned to 6 Malcolm Crescent in Doncaster. The 1,286sqm* site offers 4 majority completed townhouses with the potential to sell down or lease out. The bidding commenced at $2.5 million and was declared 'on the market’ at $3.57 million. Having received over 60 email enquiries, 6 bidders stretched their limits to acquire the valuable asset. After many back and forth exchanges between bidders, the site ended up selling under the hammer for $3,625,000.
The last development site for sale in the portfolio was a 671sqm* landholding corner site in Mont Albert. The investment opportunity has permits approved for 2 townhouses, both comprising of 4 bedrooms, 3 bathrooms and spots for 2 car spaces in the garage. Despite the cold weather outside, this auction was hotly contested. The auction kicked-off at an even $1 million before 6 buyers sparked a bidding frenzy. As bids flew in back and forth, investors had to act quickly. With 2 bidders fighting it out, the property was announced 'on the market’ at $1.6 million before eventually selling for $1.7 million.
Commenting on the tremendous 100% clearance rate that the Portfolio achieved, Stonebridge agent Julian White, who sold the properties along with colleagues Dylan Kilner and Chao Zhang said "The three auctions all selling under hammer with a total of 20 bidders represents a clear sign of market confidence to deliver townhouse projects.”
Congratulations to Stonebridge on a successful Portfolio campaign!
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