Chinese buyer bags Brunswick site

Chinese buyer bags Brunswick siteA locally-based Chinese developer has paid $30 million for a development site in Brunswick, in Melbourne’s inner north, after fierce bidding from both local and offshore buyers.Some 18 expressions of interest were received for the site at 699 Park Street which, subject to planning approvals, will deliver a medium density mixed-use development with views over Princes Park and the Melbourne CBD.The 6320 sqm site comprises nine separate titles, and currently provides more than $700,000 in passing income each year.The sale was negotiated by Mark Wizel, Julian White and Sandro Peluso from CBRE, in conjunction with Colliers International’s Trent Hobart and Bryson Cameron.Wizel, CBRE’s senior director, says developers are targeting the northern suburbs of Melbourne where sites are unaffected by the new Capital City Zone planning rules.Chinese buyers are “not wedded to the CBD for large projects,” Wizel says, and remain keen to secure a foothold in the Melbourne market.”Whilst government measures, including additional taxation for offshore buyers and erratic planning measures, have the potential to deter offshore buyers, we are still fielding strong demand for well-located development sites and investments.”CBRE recently completed the sale of another site at 111 Canning Street in North Melbourne, which was purchased by Chinese developer CBD Development Group from Woolworths for more than $30 million.The site, which has a permit for more than 300 apartments, a full-line Woolworths supermarket and 15 specialty shops, will be one of the biggest developments in the inner northern suburbs in recent years.