Vietnamese syndicate pays $11m for townhouse site

A Vietnamese syndicate paid Telstra $2.2m for a Springvale site earlier this month.

A Vietnamese syndicate has acquired a Donvale townhouse site for $11 million.

The vendor, a China-based investor, paid $5.5m for the 1.38 hectare parcel at 25-35 Park Road seven years ago.

In 2016, his application to build 45 dwellings was rejected.

Stonebridge Property Group’s Chao Zhang and Julian White, who brokered the latest deal, said the incoming owner is expected to propose 35 units.

“[It] is the second development site sold by Stonebridge in the past two weeks to a Vietnamese syndicate, after selling…a site on behalf of Telstra at 18-26 Warwick Avenue, Springvale, for $2.2m the morning of the scheduled auction,” the agents added (story continues below).

The Park Rd purchaser recently acquired a North Melbourne property, again with plans for townhouses.

“Through our Asia Practice network, we were able to quickly place this buyer’s requirement who completed their offer on an unconditional basis,” according to Mr Zhang.

Donvale is about 20 kilometres east of Melbourne.

It is near Doncaster, where in 2019 SCentre, ISPT and Asia Pacific Fund announced a $500m redevelopment of the Westfield shopping complex.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of