This article is from the Australian Property Journal archive
A LOCAL developer has snapped up a 1,040 sqm residential development site in Melbourne’s south east suburb of Ormond for $2.2 million.
Over 50 developers were eager to secure the rare landholding, which sold through Savills agents Nick Peden, Jesse Radisich, and Benson Zhou via expressions of interest, achieving a land rate of $2,115 per sqm.
The vacant residential site at 289 Grange Rd has a 24 metre frontage to Grange Rd and is within walking distance of the North Rd retail strip.
Peden said numerous buyers were attracted to the site’s exceptional development potential given the recent uplift in Melbourne’s residential sector, creating a scarcity of prime opportunities in the area.
“With a resurgent residential market, vacant land is in high demand, particularly within exclusive suburbs such as Ormond,” he said. “We had interest from a range of developers seeking to build apartments and townhouses on the site, with the eventual buyer being a local developer.”
