Big Front in Williamstown

The Williamstown home owned by restaurateurs Philip and Marilyn Elg may have broken the record for land values west of the CBD, selling this week for a rumoured $5.4 million.

The Elgs, who own Williamstown's iconic Strand Seafood Restaurant and the Kerferd K Cafe, sold the unrenovated property with permits for a 400-square-metre home to be developed at the front of the site, and three smaller townhouses to be built behind.

The 1350-square-metre block is one of only a handful on the street to have a second street frontage at the rear, making it attractive to the developer who bought it.

The Strand is considered one of the most expensive streets west of the Yarra River because it offers views over water to the CBD skyline. The sale price equates to a rate of about $4000 per square metre, which is comparable to development sites in areas such as Southbank or St Kilda Road.

Colliers International executive Simon Cleal sold the property with Sweeney director Wayne Sweeney. Neither agent was available for comment.

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