Unusual Kew block worth a speculated $15 million-plus is under offer

An image showing the development site in relation to the Melbourne CBD.

An unusual Kew block abutting Yarra Bend Park is under offer a month after it was listed for sale.

The 5297 square metre parcel of land was expected to sell for between $15 million and $16 million following an expressions of interest campaign which closed on August 27, 2018.

It last sold for $415,000 in 1990.

Marketed to medium-density developers for its potential to be replaced with 16 townhouses, 46-48 Wills Street (pictured top and left), about five kilometres east of the Melbourne CBD, was also targeted to prestige home buyers who might consider replacing the land with one or two homes. The largest of the two adjoining blocks is 4449 sqm. The property has 118 metres of street frontage and offers city views.

The holding abuts a 27-hectare former hospital site which Walker Corporation replaced with townhouses more than 10 years ago. The distinctive Willsmere mansion, once an asylum, but now an apartment and townhouses complex, is also in the vicinity.

RT Edgar’s Mark Wridgway and James Paull were brokers for 46-48 Wills Street, which was described as “parklike”. It is unknown who purchased the site which is now marked “under offer”.

The property is subject to some planning restrictions including a maximum build height of six metres. Density restrictions also prevent the site from being replaced with an apartment complex.

In 2010, local residents paid the University of Melbourne $9 million for a campus in Madden Grove, Kew, which was at risk of selling to a developer and making way for a medium density complex. That property has since been replaced with luxury homes, in keeping with the low-density street.

Marc Pallisco

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

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