Glen Iris development site trades for $7.5 million – a $1 million short-term windfall

Local developer Illan Samuel has sold a high-profile Glen Iris building block for $7.5 million – a rise on the $6.5 million he spent last year amalgamating three neighbouring sites, prior to pushing through a residential planning permit.

The 2123 square metre site at 1757-1767 Malvern Road transacted last month, within a week of agency Jones Real Estate closing an expressions of interest campaign.

Currently three neighbouring, standalone residential homes – the holding was offered with plans for a high-end apartment project, penned by Cera Stribley Architects, and containing 28 dwellings with an average internal area of 98 sqm.

An image showing the site (outlined) relative to the Glen Iris train station and Melbourne CBD, about 10 kilometres away.

The buyer, an as-yet-undisclosed owner-occupier, is expected to apply for a non-residential redevelopment permit.

The General Residential 2 zoned land is 300 metres to the Glen Iris train station, tram stop and bus depot.

Glen Iris, more specifically a hardware store at 15 Weir Street, is reportedly the population centre of metropolitan Melbourne (while a former Ernest Hillier chocolate factory in Coburg North is the state population centre).

A birds-eye view of the three homes earmarked to be demolished for the apartment complex.

Paul Jones and Tim Spargo managed the sale campaign for 1757-1767 Malvern Road.

Mr Jones said more than 110 enquiries were produced. Six offers were received. As well as apartment builders, the site would have attracted office developers and occupiers from within the medical and childcare sectors.

“I suggest this [demand] was due to the location of the property – within the City of Stonnington,” the broker added.

“I am still seeing strong interest from property developers to acquire sites within affluent and established blue chip areas like Glen Iris, preferably with a permit” Mr Jones said.

Last month, National Basketball League owner Larry Kestelman paid a speculated $9 million for a historic home at 300 Williams Road, Toorak, overlooking Como Park, to knock down and replace with an apartment complex, incorporating a neighbouring site he owns on Bruce Street.

Mid-last year, prestige builder Lustig & Moar paid $5.5 million for a 1019 sqm site at 222 Burke Road, Glen Iris.

This site was offered with a permit for 16 dwellings with an average internal area of 125 sqm. Lustig & Moar is now promoting the proposed complex as Aspect.

Interestingly, the vendor of 222 Burke Road paid $4.5 million for it in 2017, with permission for to be replaced with 27 smaller dwellings.

Last November Deal Corporation launched a campaign to sell apartments within its Glenarm Square complex at 287 Burke Road. The 2700 sqm site earmarked for Glenarm Square was created following the recent revamp of the suburb’s train station and rail crossing.

Artist’s impression of Lustig & Moar’s Aspect complex in Glen Iris.

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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