Market Insights

13.12.2019

Greyhound Hotel site sells for $6.25m

The former site of the Greyhound Hotel in St Kilda has sold for $6.25 million.

Located near the corner of Brighton Road and Carlisle Street, the 911sqm property was home to a pub for 163 years through to 2017.

It was sold via a mortgagee auction to a local developer.

The 1 Brighton Road site has three street frontages, permit approval for a seven-level building (34 apartments and three shops) and is situated in a Commercial 1 zone.

CBRE’s Julian White, Mark Wizel, David Minty and Chao Zhang handled the sale, with bids received from eight parties.

“The activity and energy in the bidding is a clear sign of changing market sentiment in the development sector,” Mr White said. 

“Off the back of healthy residential auction clearance rates, with volume levels now at comparable levels to 2018, developers have gained a lot of confidence and are actively pursuing their next sites to take into the new cycle.”

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