Developer spends $6.42m in South Morang
A developer has purchased a South Morang block permit-ready for 36 townhouses.
At 60 Gorge Road, also with frontage to Allamanda Crescent, the 1.34 hectare General Residential zoned parcel traded for $6.42 million.
The incoming owner is expected apply for a project with a greater density.
The deal comes five months since Melbourne Water sold a 2.8ha parcel – earmarked for c100 townhouses – to ID_Land for $7.35m.
In May, Nillumbik Shire Council banked $4.62m from a 4773 square metre Greensborough block, permit-ready for a medium density project with 14 double storey dwellings.
Last July, the 2.1ha Mill Park site which once accommodated the Floridia Cheese factory, traded for more than $13m (story continues below).
It is set to make way for 107 townhouses.
“Despite Melbourne’s temporarily stalled population growth, the market for townhouse sites and growth corridor subdivision land is as strong as it has ever been,” Savills’ Clinton Baxter, who marketed 60 Gorge Rd with Nick Garoni and Julian Heatherich said.
“This is pushing up land values right across the market,” he added.
“With the vaccine rollout in full swing and a return to near normal life just over the horizon, developers are actively sourcing landholdings to take advantage of the inevitable surge in migration and population that may only be 6-12 months away now”.
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