This article is from the Australian Property Journal archive
A LOCAL developer has acquired a medium density site in a town centre in Melbourne’s northern growth corridor for $12 million.
The permit approved property, at 305 Harvest Road, Epping, sits around 21km from the CBD, within Aurora Estate.
Leon Ma, Michael Gardiner and Jozef Dickinson from Colliers and Kane Malcomson and Chris Jabs from Core Projects managed the sale on behalf of a local investor.
The site has approval for development of 109 townhouses and two separate “super lots” across 2,349sqm, which will be developed over multiple stages.
“We received more than 100 enquiries through the course of the International Expressions of Interest campaign and the property drew interest from both local and offshore developers alike,” said Ma.
The property sold unconditionally at the conclusion of a five-week expressions of interest campaign.
“Underpinned by its leading location in Melbourne’s northern growth corridor and with the government incentive for first home buyers boosting land sales in this growth corridor, the property attracted keen interest,” added Ma.
The site sits by the Coles-anchored Aurora Village shopping centre, which features a gym and specialty retail offerings.
“A permit-ready townhouse development opportunity close to an activity centre is seldom offered to the market. This explains the strong response we received from both local and international groups desperate to secure a development opportunity of this calibre. The response we had over the course of the campaign is a true testament to the resilience of development market,” said Ma.
The transaction reflects a record of nearly $5 million per hectare for the land and over $110,000 per townhouse, in accordance to the permit.
“The sale of 305 Harvest Home Road, Epping demonstrates strong buyer demand for quality development opportunities in this market, with eight offers received at the close of the campaign,” concluded Keen.
