Developers expected to rush $90 million land sale

07 June 2018

A former apple orchard in Melbourne’s east is set to hit the market with expectations north of $90 million, in what has been coined “Melbourne’s most remarkable development opportunity” in recent years.

The 149,608sq m landholding at 1201-1211 High Street Road, in suburban Wantirna South, has recently been rezoned for residential and commercial use, with the option to provide significant numbers of residential dwellings and a neighborhood shopping centre.

Savills Australia’s Nick Peden, Clinton Baxter, Jesse Radisich and Benson Zhou have been appointed to sell the land via expressions of interest, saying they expected highly competitive interest from local and offshore developers.

“This is the most significant Melbourne metropolitan landholding to be offered to the market in recent years,” Mr Peden said.

“We anticipate extremely strong interest from all the major local developers, such as Mirvac, Lend Lease and Stockland, together with a multitude of highly capable Asia-based groups that have been actively searching Melbourne for such an opportunity.

“Given the unique nature of the land and the opportunity, we expect interest to top $90 million.”

The land was purchased in 1922 by Arthur Scourfield Jenkins and has been in his family ever since, but has recently been rezoned to accommodate future medium- to high-density housing up to five levels in height.

“Whilst other nearby farming families have long since sold their landholdings for residential subdivision with the continuous encroachment of suburbia, the Jenkins family continued to operate a thriving orchard business,” Mr Baxter said.

“The land is likely to accommodate comprehensive residential development, plus a range of retail and lifestyle facilities, and with Wantirna South experiencing one of the highest residential growth rates in Melbourne, the sale could not come at a better time for developers.”

Mr Radisich said that other than housing, opportunities for the development of the site could include a supermarket and associated specialty retail, childcare, aged care and/or medical facilities.

“With the land being just two kilometres from both the heart of Glen Waverley and Australia’s third-largest shopping centre, Westfield Knox, it is exceptionally well positioned to meet the needs of Wantirna South’s rapidly growing population,” he said.

The listing comes on the back of the success of recent residential projects nearby, including Wantirna Rise, where all 113 residential lots sold in one day, and Mirvac’s $450 million, 906-lot Harcrest development of the former Brickworks site.

“Melbourne’s eastern corridor continues to be regarded as the city’s most desirable area to live, spanning from East Melbourne to Toorak, through to Wantirna South and beyond,” Mr Peden said.

“The area is set to go from strength to strength in response to the city’s forecast population growth, with developers scrambling to keep up with unprecedented levels of housing demand.”

“This land presents these developers with a highly sought-after opportunity to capitalise on the projected growth.”

Expressions of interest close 2pm Friday 6 July.

 
 

Key Contacts

Nick Peden

Nick Peden

Director
CBD and Metropolitan Sales

Savills Melbourne (150 Collins Street)

+61 (0) 3 8686 8011

 

Clinton Baxter

Clinton Baxter

State Director - VIC
CBD and Metropolitan Sales

Savills Melbourne (150 Collins Street)

+61 (0) 3 8686 8021