This article is from the Australian Property Journal archive
LOCAL developer Knowles Group and its subsidiary Arcare Aged Care has snapped up a 5,680 sqm site in Melbourne’s eastern suburbs with a permit for 25 houses.
Located within a general residential zone, the vacant 313-317 Canterbury Road property in Ringwood was sold for $7.5 million.
Knowles Group CEO of property, Mike Carnell said the group is “very pleased to have the opportunity to bring our quality aged care provision to the area”.
Colliers agents Leon Ma and Joe Kairouz facilitated the sale on a land rate of $1,320 per sqm.
The vacant site occupies the prominent north-west corner of Canterbury Road and Wantirna Road, and is directly opposite Ringwood Public Golf Course and nearby Proclamation Park & Ringwood Athletic Club.
“The site generated significant market engagement, culminating in multiple offers, due to the prominence and scale of the corner landholding, favourable residential zoning, and certainty of a planning permit,” Kairouz said.
“Furthermore, a genuine lack of competing development site opportunities in the suburban market meant buyers were committing more time and resources trying to secure these types of limited opportunities”.
Competition came from traditional residential developers and social infrastructure developers such as childcare and retirement living.
