Bonyan Real Estate is paying $6.35 million for a residential development site in Melbourne’s exclusive Kooyong.
The 2198 square metre battle-axe shaped site has 33 metres of frontage to Monaro Road.
Zoned Growth Residential 1, in a precinct with a 13.5m height zone, it is set to make way for a luxury apartment project.
Kooyong is a small pocket zoned with the same postcode as Malvern abutting Toorak near the Yarra River.
The parcel is about a kilometre from the Hawthorn East employment precinct, which has been undergoing a development wave in recent years. It is also seven kilometres south east of the city.
Mr Wridgway said the property offers “spectacular” views across Stonnington Valley.
It also has 58m of Toorak Road frontage.
The proposed redevelopment will require the demolition of two five bedroom homes – one built in the 1930s, the other in the 50s, which RT Edgar marketed for their “great income potential”.
Last May, businessman, developer and National Basketball League owner Larry Kestelman paid more than $9 million for a development site 300 Williams Road, Toorak. Opposite Como Park, this 1123 sqm parcel is also earmarked for prestige apartment development.