This article is from the Australian Property Journal archive
A RESIDENTIAL apartment development site at Highett in Melbourne’s south-east has sold to a private developer for $1.27 million – just one week after listing.
The 1157 Nepean Highway property, comprising a corner 701 sqm site zoned General Residential 2 was sold by Savills’ Jesse Radisich and Julian Heatherich.
The site was sold with a permit for 11 apartments.
“This was a fantastic opportunity in that it offered several key ingredients to a successful apartment project including a corner location providing superb site access and design flexibility, a location well served by public transport and five minutes from Westfield Southland Shopping Centre, and of course a development permit.
“This is just what developers are looking for and in a hungry market it was no surprise that we were able to deliver a quick result for the vendor,” Radisich said.
Heatherich said the property was sold vacant and cleared on a land value of $1812 per sqm and at a unit rate of $115,455.
Australian Property Journal
