This article is from the Australian Property Journal archive
HIGHLY respected barrister Stuart Morris QC is selling a 15,191sqm Ivanhoe East development site that his family has amassed over 26 years.
The Ivanhoe East landholding comprises 14 properties bound by The Boulevard, Wamba Road, Wilfred Road and Cedric Street and it is expected to fetch around $30 million.
Colliers International’s Jeremy Gruzewski and Ted Dwyer have been appointed to manage the sale on behalf of the Morris family.
“The land parcel is rare, not only for its substantial size, but also because it is not affected by registered single-dwelling covenants, significant landscape overlays, or heritage controls, which affect much of this highly regarded suburb.
“With so much of Ivanhoe East under these planning controls, this supersite is an exception and represents a significant parcel of land ripe for redevelopment,” Gruzewski said.
Gruzewski said it is hard to put a value or a price on such a rare and unique offering that is probably never to be repeated.
The agents recently sold 321 Lower Heidelberg Road, Ivanhoe East, for $11.05million, which had a land area of 5441sqm but was affected by single-dwelling covenants. The property was acquired by an aged care provider, showing a land rate of $2,030 per sqm and highlighting the strength and desirability of the location.
“While each developer will have differing ideas on the end development, we are certain it will be high-end and take advantage of the premium suburb, parkside location and outstanding local services,” Gruzewksi said.
Australian Property Journal
