A Sydney based developer has swooped on a permit-ready apartment site – also a mortgagee sale – in Melbourne’s ritzy Glen Iris.
At 1542-1544 High Street, the 1700 square metre parcel traded for $5.68 million following an expressions of interest campaign which closed two weeks ago.
The purchaser has agreed to settle in 30 days.
This could either be good or bad news to the neighbours, who have been waiting since 2017 for the land to be replaced with St James, a four-storey, 22-unit residential complex.
The General Residential zoned land previously accommodated two standalone houses (and very unusually, like we reported last September for a site in nearby Hawthorn East, families intending to build a prestige home can out-muscle medium density developers).
David Minty, Nathan Mufale and Alex Brierley, representing Cor Cordis, marketed the site, 12 kilometres south east of town, squarely to builders.
The address is 500 metres from an office which a development consortium including Time & Place, with Woolworths, acquired for c$30m, two weeks ago.
That 4306 sqm site, 173 Burke Road, with a different zoning to 1542-1544 High St, on a corner and forming part of a Neighbourhood Activity Centre, is speculated will within a couple of years make way for a five storey complex with apartments over a supermarket and basement car park.