Rosebud development site for sale again after Steller failed to settle

A Rosebud development site, which developer Steller agreed to buy three years ago – but never settled on – is for sale again.

The 2.44 hectare parcel at 110 Elizabeth Drive is expected to trade for more than $7.5 million.

Also with frontage to Rosebud Avenue, the rectangle shaped block is being targeted to builders.

One of the many drone-images being advertised with the site (outlined) showing its proximity to Bay Views Golf Course and the Mornington Peninsula Freeway.

A major townhouse project or aged care facility is a likely development outcome.

But agency Savills isn’t ruling out another buyer type, like a lifestyle/residential purchase purchaser.

Owner occupiers could also be considered: the land previously accommodated the Carrington Caravan Park, which closed a couple of years ago.

Rosebud is near to acclaimed wineries and national parks. It also has a popular beach and golf clubs including the Bay Views, which is adjacent to 110 Elizabeth Drive.

Also in the vicinity of the block is the Rosebud Plaza, Rosebud Central, McCrae Plaza and the Mornington Peninsula Freeway – which connects commuters to the Melbourne CBD in about an hour.

One of Rosebud’s newest housing estates, Peninsula Sands, was recently developed off Jetty Road, about two kilometres inland from the former Carrington Caravan Park site.

Julian Heatherich, Benson Zhou and Mark Stafford are closing an expressions of interest campaign for the Rosebud on November 13.

The block is being targeted to townhouse developers, this image showing four of the recently completed projects in the vicinity.

The same agency last marketed the site in mid-2016, about 15 months before the peak of the last property cycle.

Steller’s demise this year has been high-profile. The Caulfield East based builder, with development sites all across Melbourne and also on the Mornington Peninsula, was put into receivership in July.

Last week we reported that a 22.3 hectare Rosebud rural property which Steller agreed to acquire for $7 million in 2016 sold at auction to another developer for $4.65 million.

Another Steller-affiliated Rosebud property, a farm in Jetty Road, sold for $4.65 million last week.

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Marc Pallisco

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

Marc Pallisco
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