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Doncaster Hill Site Sells For $3 Million

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Written by Marc Pallisco   
Sunday, 14 August 2011 00:08

A CHINA-based developer is understood to have paid $3 million for a 1465 square metre development site near a prominent Doncaster Hill junction, about 13 kilometres east of town.

The 86 – 88 Tram Road sold with a permit for a six-level, 28-unit tower, each with balconies and car parks. The site is about 150 metres from the corner of busy Doncaster Road, and near Westfield Doncaster – the site Sydney-based retail giant Westfield chose to develop its first Melbourne shopping centre in 1969.  Savills Nick Peden and Nick Dempsey were the marketing agents.

Manningham City Council has been encouraging high density housing for arguably for longer than any suburban council – mainly around Doncaster Road.

In the 1990s, then-milestone suburban apartment towers capturing postcard city views were developed around Sovereign Point Court, opposite Westfield Doncaster, and met with buyer success.

These buildings have been credited by planners as Melbourne’s first examples of suburban high density living. However the novelty did not stretch into the 2000s, when many large Doncaster apartment projects were shelved after failing to attract buyers.

Putting a cap on the supply of land available for development fixed that problem, with suburban apartments now representing better value than a house on land than they did in the 2000s when many of these Doncaster projects were being marketed.

The now redundant Melbourne 2030 planning policy, which encouraged high density development around existing transport nodes, is credited with the apartment boom – and subsequent traffic woes - that have ensued since the Sovereign Point Court towers.