Up Property is paying $6.42 million for a townhouse site in Melbourne’s east.
The 7386 square metre parcel, 500 Stud Road, Wantirna South, had been held since 1954.
Previously accommodating a modest house, workshop and office, part of the property was formerly used as a motorcycle parts supplier and to store heavy machinery.
The land backs onto the Knox Children and Family Centre.
Across the road, Mirvac recently replaced an ex-quarry with a housing estate, Harcrest.
CVA’s Daniel Philip brokered the Stud Rd deal after a campaign with a different agency last year – with a $7-$7.7m guide – was unsuccessful (story continues below).
Zoned Neighbourhood Residential, the tract was marketed for its potential to accommodate about 30 townhouses.
Elsewhere in Melbourne, Up Property is refurbishing the former Philip Morris cigarette factory with offices and retail.
In 2019 the group, directed by Adam Davidson, offloaded a Dandenong warehouse for $14.75m.
The developer holds a substantial Geelong portfolio including the Belcher Arcade, which is proposed to become a five storey commercial investment, and a former CSIRO laboratory, which cost $7m in 2018 and is expected to make way for residential.