CAPITAL GAIN: CREMA GROUP SELLS FOURTH DONCASTER ASSET IN AS MANY MONTHS
Posted on 01 April 2016
Crema Group has sold its fourth Doncaster Hill asset in as many months, accepting a $15 million offer for 666 Doncaster Road – a low-rise office with high rise redevelopment potential.
The off-market deal, negotiated by Vinci Carbone, includes a 1980s double-storey building on a 3257-square-metre block at the south-west corner of Short Street.
Director Louis Crema said the company had no plans to sell the asset but was presented with an option it couldn't refuse.
The site is selling on a rate-per-square-metre of just over $4600, not far off the $5100 rate Crema achieved selling a nearby site last year with a permit for an 11-level, 296-unit tower.
Earlier this week, a 6232-square-metre site at 534-540 Doncaster Road was acquired by aged care provider Benetas for $18 million. This reflected a land rate-per-square-metre of almost $2900.
In January a developer paid about $10 million for a 3917-square-metre site, currently a large family home, at 92-96 Williamsons Road.
Selling agent Frank Vinci said the new owner of 666 Doncaster Road, a local private investor, has no immediate plans to redevelop. However the parcel is zoned within a precinct allowing buildings higher than 10 levels.
Crema's latest disposal came shortly after it sold three neighbouring sites, covering 4245 square metres at 682-686 Doncaster Road, to a Chinese developer, for $21.6 million.
Mirvac is developing Doncaster's biggest project, replacing the 47-hectare former Eastern Golf Course with a $1-billion plus mixed-use village, Tullamore.
The off-market deal, negotiated by Vinci Carbone, includes a 1980s double-storey building on a 3257-square-metre block at the south-west corner of Short Street.
Director Louis Crema said the company had no plans to sell the asset but was presented with an option it couldn't refuse.
The site is selling on a rate-per-square-metre of just over $4600, not far off the $5100 rate Crema achieved selling a nearby site last year with a permit for an 11-level, 296-unit tower.
Earlier this week, a 6232-square-metre site at 534-540 Doncaster Road was acquired by aged care provider Benetas for $18 million. This reflected a land rate-per-square-metre of almost $2900.
In January a developer paid about $10 million for a 3917-square-metre site, currently a large family home, at 92-96 Williamsons Road.
Selling agent Frank Vinci said the new owner of 666 Doncaster Road, a local private investor, has no immediate plans to redevelop. However the parcel is zoned within a precinct allowing buildings higher than 10 levels.
Crema's latest disposal came shortly after it sold three neighbouring sites, covering 4245 square metres at 682-686 Doncaster Road, to a Chinese developer, for $21.6 million.
Mirvac is developing Doncaster's biggest project, replacing the 47-hectare former Eastern Golf Course with a $1-billion plus mixed-use village, Tullamore.