This article is from the Australian Property Journal archive
BUILDER Ron Englehart has put a rare Doncaster Hill development site with a permit for a high rise apartment project on the market and it is expected to sell for more than $10 million.
The 2,662 sqm site at 9-11 Williamsons Rd property is directly opposite the Westfield Doncaster shopping centre with three street frontages totalling 155 metres.
Savills’ Nick Peden and Jesse Radisich have been appointed to sell the property on behalf of Englehart, who is the CEO of Englehart Homes. The property is for sale by public tender closing Tuesday April 21 at 2pm.
The property is being offered with a permit for an 11-storey 136 luxury apartments and ground level retail project, designed by Peddle Thorp. The proposal sits within the planning parameters for the site and there is potential for greater density and height (STCA).
Peden said the property is one of the best residential development sites in a booming residential market.
“This is the best development site to hit the market in the eastern suburbs for some time. It boasts an exceptional location opposite Westfield with panoramic views and close proximity to the first rate amenity in the Doncaster Hill precinct.
“With apartment projects selling extraordinarily well including some selling out off-the-plan within days or even hours of release, it represents a must-consider opportunity for developers,” Peden said.
Doncaster is a favourite destination for offshore developers. Bursa Malaysia-listed property developer Fajarbaru Builder Group bought a 2,367 sqm site at 812 Elgar Rd and 4 and 5 Elgar Court Doncaster for $6.9 million. It was sold with a planning permit for an 11-storey apartment building comprising 136 units with a three-level basement car park.
Singapore`s Ho Bee Group bought 1 Grosvenor St for $8.5 million. It was sold with a permit for 185 apartments spread across five towers. Another major Singaporean player, Chip Eng Seng paid $19.28 million for a 28,002 sqm infill site, the former Morrison Brothers Nursery & Orchard at 154-166 Williamsons Rd, 5-17 Henry St & 59 Margot Ave.
Meanwhile Savills` sale team is on a roll and recently sold six development sites across Melbourne in the last two weeks, including 199-203 Union Rd Ascot Vale; 388-394 Hawthorn Rd Caufield South; 1 Wimport St Heildelberg; 11-13 Bent St Bentleigh.
Australian Property Journal
