Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

Commercial Sale

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A tenanted freestanding investment in the heart of the Caloundra CBD on the Sunshine Coast has been sold prior to auction by Ray White Commercial Noosa and Sunshine Coast North for $2.05 million.
Currently leased to Upstairs nightclub and Star Pharmacy Group, the two storey retail building at <a href="https://www.realcommercial.com.au/property-retail-qld-caloundra-501645209" target="_blank">66 Bulcock Street, Caloundra</a>, was sold to a private investor by Ray White Commercial Noosa and Sunshine Coast North directors Paul Butler and Paul Forrest.
The property was sold on behalf of Cammeray Investments Pty Ltd for a yield of 7.8%.
Mr Butler said the property was on the market for the first time in 14 years and it was underpinned by two good tenancies, with the popular nightclub operational for more than 30 years and the pharmacy recently commencing a five year lease.
“This building has two outstanding tenants and is returning net rental income of more than $160,000 per annum,” he said.
“The sale prior to auction shows the emerging strength of the Caloundra retail market after a period of high vacancy.”
Mr Forrest said there was strong interest in the older style, 560 sqm, two level concrete block building, which is centrally located on Bulcock St.
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Freestanding Caloundra investments sold for $2.05 million

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An emerging childcare investment trust has paid $4.35 million for a former Hungry Jacks outlet at Coburg, with plans for a childcare centre conversion, in an off-market deal conducted by Teska Carson.
According to Teska Carson director, Michael Taylor, who brokered the deal for the <a href="https://www.commercialrealestate.com.au/property/7536638/leased/vic/coburg/offices" target="_blank">311-321 Sydney Road</a> property, the price reflected a premium on market value for a property well suited to a multi-storey development.
"The property has exceptional exposure to a key Melbourne thoroughfare, as well two other street frontages, in a prime, inner-suburban location with trams at the front door, every conceivable retail service within walking distance, and a handy income stream available during the development planning phase.  
The property comprises a two level, 937 square metre building on an 1172 square metre site zoned Business 3 with 35 metres frontage to Sydney Road, 32 metres to Baxter Street and a right of way at the rear.
An underground carpark provides 38 spaces and there are an additional five spaces at ground level.   
Mr Taylor said the property, which was sold with vacant possession, also had a current permit for a nine level building.
The vendor was a Melbourne based investor.
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Childcare centre proposed for $4.35m Sydney Rd site 

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Record low interest rates and a scarcity of inner city commercial properties with development potential are expected to drive strong interest in a prominent Richmond office building.
Colliers International’s Peter Bremner, Rob Joyes and Leigh Melbourne have been appointed to sell <a href="https://www.realcommercial.com.au/property-offices-vic-richmond-501682721" target="_blank">180-188 Burnley Street in Richmond</a>.
The three-level commercial building is expected to generate interest in excess of $30million. 
“180-188 Burnley Street offers investors a secure long term cash flow from AAPT Limited, Australia's third largest land line telecommunications company owned by ASX-listed TPG Telecom Limited,” Mr Bremner said.
“The property also has significant underlying land value, as a rare inner city parcel of land with three street frontages and a total site area of just under 5,000sqm. 
The three-level office building and data centre has a total net lettable area of 5,557.4sqm and includes a full sized basement, a ground floor mostly containing data centre space and associated plant and equipment and a first floor with bright, open plan office accommodation and staff amenities. 
The property is fully leased to AAPT Limited until June 28, 2022, with a current net rent of approximately $2,262,791 per annum.
“AAPT previously owned the property as an owner-occupier from 2001 through to 2005, at which point they sold the property on a long sale-and-leaseback,” Mr Joyes said. 
“This premise is one of AAPT and TPG Telecom's major telecommunications hubs for Melbourne. The facility is an important site that aggregates and provides internet, data and telephone services for a wide geographic area.
“One of the main reasons AAPT originally chose this specific building and location was due to the fact that the site has high capacity fibre optic connectivity to all major telecommunication networks. A range of large corporations have a presence in the data centre and Richmond is a very central accessible location.”
180-188 Burnley Street is located less than 40metre from Bridge Road, some 5.5km east of the Melbourne CBD.
The property is for sale by expressions of interest closing September 25.
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$30 million Richmond office offering

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AMP Capital has purchased the Stud Park sub-regional shopping centre in Rowville in Melbourne's south east for $154 million.
It was bought from an unlisted Lend Lease wholesale fund on a net yield of 6%.
Stud Park will be owned by investors in AMP Capital's unlisted $700 million Wholesale Australian Property Fund, which comprises 11 properties, including the Casula Mall in south west Sydney.
The 26,100 square metre Stud Park Shopping Centre is 32 kilometres south east of the Melbourne CBD, is anchored by Coles and Woolworths supermarkets and a Kmart department store, alongside 58 specialty retailers.
It also houses the Rowville public library and has 1500 car spaces.
The fully-leased mall stands on its 10.3 hectare site sold through Lachlan MacGillivray, head of retail investment services at Colliers International inconjunction with Stonebridge Property Group.
Stud Park last traded for $102 million in January 2010 on a seven per cent yield, when it was acquired by Lend Lease's unlisted Australian Prime Property Fund arm. 
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AMP buy Stud Park, Rowville shopping centre from Lend Lease

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A possible development site in South Yarra's Forest Hill has sold to a Hong Kong purchaser for $14.6 million - a new record for unpermitted sites in the street.
The 1,030sqm site at 6-8 Claremont Street is currently occupied by the Victorian Aids Council, who will continue to operate in the premises for the short term.
CBRE’s Mark Wizel, Josh Rutman, Julian White and Scott Orchard negotiated the sale through public expression of interest under instruction from transaction managers Nick Moore and Marcus Conabere of real estate advisory firm Urbis. 
Josh Rutman said apartment developments in the area have been sold at strong sales rates to a mixture of owner occupiers and investors, both local and offshore.
“We have been fortunate to handle the past seven development site transactions in the Forrest Hill precinct, and given the new record land rate achieved it is fair to say that we are now seeing a whole new level of confidence from local and offshore groups, especially off the back of the apartment pre-sale success that many developers are continuing to experience in the precinct,” he said. 
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South Yarra office sells for $14.6 million

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A Melbourne based investor overcame strong competition from rival bidders to pay $2.89 million on a yield of 4.7% for the Prince Alfred Hotel at Port Melbourne on Melbourne’s bayside fringe.
It was at an auction conducted by CRS Property with Teska Carson.
Teska Carson’s Anthony Choi and Michael Ludski, with Lou Montalti and Ian Robertson of CRS, offered the <a href="https://www.realcommercial.com.au/property-hotel+leisure-vic-port+melbourne-501634445" target="_blank">355 Bay Street </a>property.
It attracted more than 80 enquiries and four bidders.
Choi said investors had been attracted to the very popular Bay Street location along with the secure lease to a well-established tenant.
"This is an extraordinarily well located property in the heart of one of Melbourne’s most popular inner-bayside suburbs with a new six year lease to a well-regarded tenant.
"Ultimately the property was purchased by an astute investor cognisant of the solid rental returns and potential for capital gain in such a desirable city fringe location,’’ Choi said.
Located between Spring and Raglan streets on a 300 square metre corner site, the property comprises a, 500 square metre, two level period brick building including a ground floor hotel, bar and dining area, eight bedrooms upstairs, and an outdoor area.
The property was sold subject to a new six year lease with three further six year options to Schultze Hotels Pty Ltd at a current rental of $137,000 per annum.
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Investor takes Port Melbourne hotel with $2.89m bid‏

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A freehold commercial building leased by the Commonwealth Bank of Australia in the Latrobe Valley town of Morwell, east of Melbourne, has been sold by Ray White Commercial for $1,060,000.
The building on a prominent corner site at <a href="https://www.realcommercial.com.au/property-offices-vic-morwell-500833223" target="_blank">200 Commercial Road, Morwell</a> was sold to an investor by Brett Diston of Ray White Commercial Victoria on behalf of a private owner for a yield of 7.0%.
Mr Diston said the approximately 420 sqm building offered a fantastic investment opportunity.
“The Commonwealth Bank is a long term tenant in the building with a 5+3 year lease in place,” he said.
“The property returns net rental income of approximately $75,000 per annum with 5% annual rent increases.
“It’s money in the bank for our astute purchaser.”
Morwell is located approximately 150km east of Melbourne and is the administrative centre for the Latrobe Valley, the energy production centre for Victoria.
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Freehold Morwell Bank investment sold for $1,060,000‏

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An owner-occupier is believed to have paid a record price for a 20 year old office and warehouse complex at Dandenong South in Melbourne’s south-east.
It was in an off-market deal brokered by Savills Australia’s Notting Hill Office.
Savills’ senior industrial executive, Paul Jones, who negotiated the deal with director, Kosta Filinis, could not disclose the price.
However local sources put the price at around $8 million.
Located at 6 Advantage Drive, the property comprises two office and warehouse facilities of 2700 square metres and 5000 square metres on one 14,000 square metre title with 55% site coverage.
Mr Jones said the buyer was attracted by the location, close proximity to all main arterial road networks and the extensive infrastructure (power and gas).
Mr Filinis said the price, considered to be a premium for the area, reflected the location in one of the most tightly held precincts in the south-east.
The property was sold with vacant possession.
Image courtesy of <a href="https://www.onthehouse.com.au" target="_blank">onthehouse.com.au</a>
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Owner-occupier pays Dandenong South record price in off-market deal‏

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Teska Carson is marketing a securely leased retail investment property with development upside at Camberwell in Melbourne’s inner-eastern suburbs.
The property will be auctioned on September 18 on site and is expected to fetch more than $1.1 million.
Located at <a href="https://www.realcommercial.com.au/property-retail-vic-camberwell-501657857" target="_blank">491 Burke Road</a>, the two storey brick building is positioned on the corner of Canterbury Place.
According to marketing agents, Teska Carson’s Gideon Marcus and George Takis, the building has been renovated to accommodate a retail use downstairs and offices upstairs.
The 190 square metre site, zoned Commercial 1, has five metres frontage to Burke Road and 37 metres to Canterbury Place.
Marcus said the property would be sold subject to a five year lease to the building tenant at a current rental of $55,000 per annum.
A second, signage, lease provides an additional $1000 per annum.
The building lease expires December 2019 with a five year option however the lease includes a demolition clause with two years notice.
Takis said he expected strong interest from both investors and developers.
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Burke Road, Camberwell investment has development upside‏

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A Chinese investor has paid $12 million for a four level, 930sqm Queen Street property in Melbourne’s CBD, sold as a vacant possession.
The property, 338 Queen Street, offers ground level retail and three upper floors of office space.  
Savills CBD sales director Clinton Baxter said the property had sold on a land rate of $41,379 sqm, adding the buyer had flown into Melbourne for one day to view the property. 
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