A local investment/development group with strong Chinese ties has paid $3.675 million for a Brunswick development site with a permit for 34 units in an off-market deal brokered by Savills Australia's CBD & Metropolitan Sales Division.

The 2-6 Duckett Street property, comprising a 687 square metre site, zoned Commercial 1 with a street frontage of 19 metres, was sold by Director, Julian Heatherichand Associate Director, Jesse Radisich.

The site forms part of a precinct bounded by Sydney Road, Albion Street, Hope Street and the railway line which forms part of the Brunswick Major Activity Centre.

The permit is understood to allow for the development of a six level, mixed use building with 34 dwellings and two offices and spaces for 34 cars and 31 bicycles.

The property was sold with vacant possession by a private local investor. Current improvements include three single-storey brick warehouses.

Mr Heatherich said the property had sold to an under-bidder following the recent sale of a similar property at 2-8 Barry Street, Brunswick, which was also brokered by Mr Heatherich and Mr Radisich.

The latter site sold to a prominent local developer for $4 million with a permit for 39 units.

Savills plc issued this content on 08 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 08 February 2016 00:52:31 UTC

Original Document: http://www.savills.co.uk/_news/article/110560/142369-1/02/2016/china-linked-group-pays-$3.675m-for-brunswick-site