Land Increases From $20 psm to $430 psm in Bundoora
The company that developed the luxurious Palace Versace hotels, and Australia’s tallest residential tower, Q1, on the Gold Coast, said an investor has paid $438,000 for a 1013 square metre block overlooking parkland near the Plenty Gorge.
The sale sets a land value record for blocks in Sunland’s 44.5 hectare Chancellor development, in Bundoora, which is up to the tenth of twelve marketing stages.
Sunland bought its piece of the 104-hectare former Janefield Hospital site in 2006 from MAB Corporation, which is developing the rest of the site into University Hill, a mixed use village.
MAB paid RMIT $21 million for the site in 2003, which needed to be serviced with roads and utilities.
