Chinese developer flipping prominent Wantirna South funeral home
The Chinese developer which paid Allison Monkhouse $10.15 million for a prominent Wantirna South funeral home two years ago is flipping it.
More than $14 million is expected for 390 Burwood Highway this time around.
Savills director and selling agent Benson Zhou thinks this is good value.
Since 2017, the precinct has been gazetted to allow for 10-storey buildings.
This is twice the height allowed when Allison Monkhouse offloaded the parcel.
The 7610 square metre block, on the south west corner of Stud Road, is being offered with a residential redevelopment scheme, penned by Cox Architecture, containing apartments, student accommodation and commercial space which could be utilised by a school.
An internal street forms part of the redevelopment, which contains structures rising up to 14 floors.
Apartment buildings of eight storeys are across the road from 390 Burwood Highway as is the Knox Shopping Centre which is earmarked for a $450 million redevelopment with retail, a library and new bus interchange.
Swinburne University’s Wantirna campus is 300 metres away.
Mr Zhou, who is marketing the site with colleagues Nick Peden, Yvonne Zhou and Julian Heatherich , said Wantirna South reminds him of Box Hill 10 years ago – particularly in regard to rising land values, while a building boom is underway.
The pricing of 390 Burwood Highway values every square metre of land at more than $1839.
In May, we reported about a residential development site sale in central Box Hill valuing land at $6841 per sqm.
The Wantirna South site is also being marketed to investors – with a short term lease in place to Allison Monkhouse.
Owner occupiers which may utilise existing structures at 390 Burwood Highway, are also on the agents’ radar.
Wantirna and Wantirna South development site sale activity
Some noteworthy development site sales have taken place over the past 12 months in Wantirna South, about 26 kilometres east of the Melbourne CBD, and Wantirna, which is about two kilometres closer to town.
The largest was a year ago when the Jenkins family sold an apple orchard on 14.96 hectares at 1201-1211 High Street Road, Wantirna South (pictured, right), for nearly $100 million.
Coincidentally, this deal was also struck by Savills.
In June, we reported that Mirvac would team with Boral to build 1700 dwellings on a 171 hectare quarry spreading across two suburbs (Wantirna South and Scoresby).
Last month we reported that Oz Property Group paid the Department of Education $9.7 million for the 1.25 hectare former Wantirna Heights School at 56 Kingloch Parade, Wantirna.
Last week we reported that Longriver was selling the former Wantirna Park caravan park at 203 Mountain Highway, Wantirna.
This 8.3 hectare block is being marketed with a residential redevelopment scheme allowing for about 350 medium and high density dwellings.
Longriver can expect more than $60 million for the Wantirna site it acquired for $35.6 million in 2016.
