GormanKelly recently sold 534-540 Doncaster Road, Doncaster. The commercial real estate property, which is currently leased to Papa Rich Restaurant, comprised a substantial land holding of 6,300sqm with ability to redevelop to a height of 18 metres.
After a hugely successful marketing campaign we received a number of offers well above the owner's initial expectations and the site has been transacted for an undisclosed amount which was significantly above the $17 million plus quote price during the campaign.
The site has been sold to a local buyer in the aged care industry who will undertake a major development on the site in 2-3 years time (2018-2019). I am happy to go into further details about the result and buyer should you wish to contact me to discuss further.
The sale comes on the back of a string of sales in Doncaster lately which have ranged from $3,000/m2-$5,000/m2 on land area and for values between $10 million and $24 million. There is still very strong demand in the area from both local and offshore buyers seeking sites for residential development and land values continue to grow and have grown significantly over the last two or so years.
If you would like to talk further about this result or about your property and what it might be worth and what options might be available please do not hesitate to contact me anytime. We have a number of commercial property developers still seeking sites in the area plus a number of commercial real estate investors looking for short to medium term investments with ability to redevelop in the coming years.
You can read more about the sale here: www.smh.com.au/business/property/aged-care-outmuscles-developers-on-doncaster-hill-20160328-gnsa8o.html