Developer Longriver is selling a major infill site in Wantirna, about 24 kilometres east of the Melbourne CBD.
The 8.3 hectare former caravan park at 203 Mountain Highway is expected to trade for more than $60 million following an expressions of interest campaign closing on September 26.
Longriver paid $35.6 million in 2016 for the site then-known as Wantirna Park.
The Chinese-backed developer then employed Rothelowman to master-plan a residential scheme containing 350 townhouses (artist’s impression, top).
“In addition to the permitted townhouse there is a super-lot of 5565 square metres which could potentially deliver a higher density outcome,” marketing agency Colliers International said, adding that uses could include residential, medical, aged care or retirement.
“There is a genuine scarcity of large scale, greenfield development sites capable of accommodating mixed use projects within the middle ring of Melbourne,” Mr Hobart said. “This project has potential for in excess of 350 dwellings in a tranquil parkland setting.”
Mr Burgess added “the site is adjacent to Wantirna Health and the Knox Private Hospital as well as the future Wantirna Health Precinct, a state significant health precinct undergoing urban renewal via the Victorian Planning Authority and Knox City Council”.
“Given the scarcity of sites of this scale and nature we expect strong interest from major residential developers both locally and offshore.
“Furthermore, given its proximity to both the existing Wantirna Health and Knox Private Hospitals together with the adjacent future Wantirna Health precinct, additional interest from aged care, retirement and other health service providers, is anticipated”.
The site is located within a residential catchment which “has seen consistent median house price growth over the past 10 years”.
Development site values have followed suit.
Late last month, we reported that the 1.2 hectare former Wantirna Heights School at 56 Kingloch Parade sold to Oz Property Group for $9.7 million – another Colliers International deal – and a record in the suburb for a General Residential zoned plot.
The 8.2 hectare former Boronia Heights High School is also selling: the state government offered this site on the basis of it being part of the state government’s Inclusionary Housing Pilot, which aims to deliver a mix of community, affordable and private housing.
In June, we reported that Mirvac and Boral would joint venture a redevelopment of a quarry spread over Wantirna South and Scoresby.
Coincidentally, Mirvac acquired another quarry spread over these same two suburbs about 10 years ago. After successfully applying to have the entire site gazetted (as the more valuable) Wantirna South – Mirvac launched the residential redevelopment as Harcrest.
Twelve months ago, we reported that the Jenkins family sold a 14.96 hectare former apple orchard in Wantirna South for close to $100 million.
An active Melbourne investor and developer, Longriver, founded by Yunhe “Andrew” Yu, paid almost $26 million earlier this year for a 760 sqm development site – two neighbouring low-rise buildings – at 288 Queen Street and 328 Little Lonsdale Street in the CBD.
In 2017, Longriver paid the Melbourne Theosophical Society $23 million for 124-130 Russell Street – an asset held by the vendor for more than 50 years (a year later, Longriver applied to replace the five-level building with a 13-storey hotel).
Longriver is planning a 37-storey mixed-use project containing more than 280 apartments at 843 Whitehorse Road, Box Hill, a site it bought for $22.5 million two years ago off service station investor Andreas Andrianopoulos.
Elsewhere in Box Hill, the developer owns 874 Whitehorse Road, which was recently the subject of a 24-storey apartment proposal.
Two years ago, Longriver sold a site at 207 Bridge Road, Richmond – which, we reported in April, is now mooted for an 11-storey hotel to be occupied by Mantra.