Developers splurged more than $16 million on three small residential development sites in Melbourne last week.
In the leafy south-east suburb of Armadale, about seven kilometres from the CBD, neighbouring retail properties, 929-933 High Street (pictured, top), sold for $6.3 million.
The 818 square metre holding is on land zoned Commercial 1. It sold to a local developer at a land rate of just over $7700 per sqm.
Meanwhile in Malvern East, a developer paid a speculated price of about $3.1 million for a 780 sqm block at 32 Paxton Street. Configured with a block of flats (pictured, above), the holding was offered with a permit for four townhouses by Colliers International’s Jun Lai, Hamish Burgess and Bryson Cameron.
Mr Burgess said the sale to a local developer priced the land at more than $4000 per square metre.
In Box Hill, neighbouring low-rise homes occupied by commercial tenants at 716 and 718 Station Street sold at auction last Saturday for $6.8 million.
Spreading a site area of 1460 sqm within the suburb’s Central Activity District, and zoned Residential Growth 3, the properties were marketed for their potential to be replaced with a high-density apartment building.
The Station Street deal was made a couple of days after a trio of adjoining shops on 917 sqm of land between 941-947 Whitehorse Road, Box Hill, traded for $13.3 million against a price guide of $8 million-plus. Covering a 917 sqm site, the zoning of this property would allow for a building rising to about 12 storeys.