This article is from the Australian Property Journal archive
A SUBSTANTIAL development site in Bundoora, north east of Melbourne has been snapped up by a developer for $3.6 million.
Located at 90 Settlement Rd, Bundoora, the site has a land area of 13, 530 sqm and has being held by the vendor family for almost three decades.
Selling agent David O’Callaghan of O’Callaghan Commercial said the property is surrounded by residential development and is zoned Residential 1.
“I am of the view that this is also the sort of property which suits an intensive residential development.
“The sale also marks the beginning of developer activity following an enforced sabbatical brought on by the global economic crisis and the resultant credit squeeze on developers that followed,” he added.
O’Callaghan said in-fill landholdings of this size just are not available anymore and there is potential for high density residential housing.
Australian Property Journal
