Local residential developer Noetic Places has bought a vacant development site in the Melbourne bayside suburb of Hampton for $17.325 million, representing a $4,731 per sqm land rate.
The 3,662 sqm site at 28-34 Service Street was located within a General Residential zone near the Hampton Street shopping strip, train station and Hampton Beach.
“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 Places Director Stephen Barrow-Yu said.
Colliers’ Hamish Burgess, Joe Kairouz and Jozef Dickinson facilitated the sale.
“Hampton has and always will be highly prestigious and sought-after,” Burgess said.
“Demand for top tier sites in prime locations remains extremely strong.
“The site was contested by both local residential developers 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 comprising equity rich downsizers, returning expats, and aspirational younger families.”
Recent development sites sold by the team include 28-34 Service Street Hampton, 1 and 1A Centre Road, Brighton East and 19-25 Oakwood Avenue, Brighton.
Other recent development deals in Victora include Oreana Group’s acquisition of the Riverwalk town centre in Werribee in Melbourne’s west from the Victorian Government’s property developer for $12.3 million a week ago.
Last month, Stockland bought a 26ha site near Geelong with plans for a land lease community, while MAB Corporation acquired a 32.57ha industrial site in Melbourne’s southeast with plans to develop the site into a $400 million industrial and logistics development.
In December last year, National Pacific Properties sold a town centre development site in Clyde in Victoria to an interstate developer for $67.65 million.
