Two unique mixed-use sites on the Kingston Foreshore both sold under the hammer this morning to local developers.
Block 3 sold for $6.95 million to Boris Planinac of Pavillion Homes. Block 4 sold for $7.35 to David O’Keefe of Madison Constructions.
Both blocks allow for a range of residential and commercial uses, with a limit of around 75 residential apartments each.
CBRE agent Mark Nicholls said there was a lot of local interest in the blocks.
“Bidding activity was good and we hit the reserve quite quickly,” he said.
“A few of the local developers that missed out on smaller blocks at the recent Campbell 5 auction were looking to pick something up, and we’re seeing a bit of confidence returning to the market now.”
The blocks will be the last waterfront sites to be made available for some time. The last remaining waterfront site cannot be released until the existing electricity station has been relocated.