Buxton Projects has swooped on a park-front Malvern East site.
The developer is paying $10.5 million for the 3987 square metre site, 50 Sycamore Street.
A townhouse project is planned.
“The property was well received by residential developers given the high levels of growth in the Stonnington market over the past 12 months,” Colliers’ Hamish Burgess, who marketed the block with Joe Kairouz said.
“Blue ribbon suburbs such as Malvern East continue to be highly sought after by experienced developers that are targeting a proven and resilient residential market that has seen continued growth in its house price,” he added.
“The median…which is currently more than $2m, has seen growth of approximately 20 per cent in the preceding 12 months” (story continues below).
A dwelling on the property overlooks Waverley Park and is 200 metres from Malvern East train station.
Private schools including Korowa Anglican Girls Sacre Couer and Caulfield Grammar are also in the vicinity, Mr Burgess said.
Urbis was the transaction manager.
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