This article is from the Australian Property Journal archive
A RARE one acre multi-dwelling development site in Melbourne’s eastern suburb of Mitcham has sold for $2.8 million, which was $1 million above initial expectations.
The property was offered to the market for the first time in 100 years.
Marketing agents Jones Lang LaSalle Matthieu Lucas and Dominic Gibson said the property received solid interest from a number of parties because acre blocks in Mitcham are very rare and this particular site, located at 19-21 Doncaster East Road, is a unique offering in that is it one of the last remaining development blocks in the area.
“Following an expressions of interest campaign which received competitive offers from 10 different buyer groups, the property is mooted for townhouse development having sold to an offshore developer.
“The sale achieved a rate of approximately $692 per sqm, which resulted in a sale price of around $1.0 million above initial expectations,” Lucas said.
The property is situated in Residential Zone 1 adjoining Mitcham Private Hospital and has easy access to Eastlink tollway. Gibson said that the completion of the Eastlink development has been a major contributor to the rising property prices in Melbourne’s eastern suburbs.
“Another prime example of the value provided by Eastlink is the sale of a 3,932 sqm, Residential Zone 3 property located at 1 Eastway Avenue, Donvale. This property sold in December 2006 (prior to Eastlink’s completion) for $1.4 million reflecting a rate of $356 per sqm while in May 2010 (post Eastlink completion), the same site sold for around $2.5 million reflecting a rate of $635 per sqm. This is a significant increase in value of 56%,” Gibson said.
Australian Property Journal
