This article is from the Australian Property Journal archive
BUXTON Projects has purchased a townhouse development site in Malvern East for $10.5 million.
Colliers’ Hamish Burgess and Joe Kairouz sold the 3,987 sqm site at 50 Sycamore Street in Malvern East, together with Urbis as the transaction manager.
Burgess said the listing represented an unrepeatable and scarce development proposition in a quality inner eastern location.
“The property was well received by residential developers given the high levels of growth in the Stonnington market over the past 12 months,” he said. “Blue ribbon suburbs such as Malvern East continue to be highly sought after by experienced developers that are targeting a proven and resilient residential market that has seen continued growth in its house price.”
“The site ticked all the boxes, with immediate access to a park, train station and connectivity to key arterials,” Kairouz said.
“Coupled with the surrounding leafy streets and village style atmosphere, it was highly sought after.
“Development opportunities with park frontage, on the doorstop of a train station are an incredibly scarce yet valued commodity,” he concluded.
