Developers spend $16 million-plus on suburban Melbourne residential sites

This block of flats in Malvern East is mooted to be replaced with four townhouses.

Developers splurged more than $16 million on three small residential development sites in Melbourne last week.

In the leafy south-east suburb of Armadale, about seven kilometres from the CBD, neighbouring retail properties, 929-933 High Street (pictured, top), sold for $6.3 million.

The 818 square metre holding is on land zoned Commercial 1. It sold to a local developer at a land rate of just over $7700 per sqm.

Savills Nick Peden, Clinton Baxter and Jesse Radisich promoted the location, near the Glenferrie Road retail strip and Malvern Central, and the suburb’s median house value of more than $2.1 million.

Meanwhile in Malvern East, a developer paid a speculated price of about $3.1 million for a 780 sqm block at 32 Paxton Street. Configured with a block of flats (pictured, above), the holding was offered with a permit for four townhouses by Colliers International’s Jun Lai, Hamish Burgess and Bryson Cameron.

Mr Burgess said the sale to a local developer priced the land at more than $4000 per square metre.

In Box Hill, neighbouring low-rise homes occupied by commercial tenants at 716 and 718 Station Street sold at auction last Saturday for $6.8 million.

These neighbouring properties in Box Hill sold for $6.8 million.

Spreading a site area of 1460 sqm within the suburb’s Central Activity District, and zoned Residential Growth 3, the properties were marketed for their potential to be replaced with a high-density apartment building.

Dennis Dallas and Eric Lin of Lindellas Real Estate represented the two vendors.

The Station Street deal was made a couple of days after a trio of adjoining shops on 917 sqm of land between 941-947 Whitehorse Road, Box Hill, traded for $13.3 million against a price guide of $8 million-plus. Covering a 917 sqm site, the zoning of this property would allow for a building rising to about 12 storeys.

Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au

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