A Melbourne-based developer has snatched up four permit-approved Cheltenham properties for $6.5 million before they hit the market.
A Melbourne-based developer has snatched up four permit-approved Cheltenham properties for $6.5 million before they hit the market.
The 2,867sq m corner allotment, which encompasses 1-2 Moola Street and 4-6 Barker Street, has been billed for residential development, with 49 units proposed.
Savills Australia’s Julian Heatherich brokered the deal on behalf of a local investor, securing a land rate of $2,260 per sqm or $132,000 per unit.
Mr Heatherich said the sale was a positive sign of the year ahead.
“2018 has kicked off with a flurry of activity, with developers back in force looking for their next opportunity,” he said.
Learn more about Savills CBD and Metropolitan Sales services.