An “extraordinary” landholding has come to market in Camberwell, representing one of the largest and most exclusive listings in Melbourne’s eastern suburbs in recent years.
An “extraordinary” landholding has come to market in Camberwell, representing one of the largest and most exclusive listings in Melbourne’s eastern suburbs in recent years.
The enormous 4,805sq m site at 1 Cooloongatta Road is expected to fetch offers between $14 million and $15 million, in a sign that developers are still scouring Melbourne’s leafy east for boutique project opportunities.
Savills Australia’s Jesse Radisich, Nick Peden and Benson Zhou have been appointed to market the property on behalf of a private family who have owned the property for 67 years, saying they were expecting interest primarily from residential and aged care developers.
“This is one of the largest and most remarkable land offerings within Melbourne’s blue-ribbon eastern suburbs to be presented to the market in recent years,” Mr Radisich said.
“The favourable residential zoning with no overlays suits a wide range of potential development outcomes including a luxury residential project or an aged care facility.”
Mr Radisich went on to say that in the meantime, the 16 existing apartments and house on-site provided “valuable holding income.”
“The existing residential improvements generate around $294,000 per annum, with scope to significantly increase this amount,” he said.
Mr Peden said the prime location behind the Middle Camberwell retail village, with its Woolworths and new Coles supermarkets and boutique village feel would be a key drawcard for prospective purchasers.
“The site is within close proximity of the premium Burke Road retail strip and Camberwell Junction, is a short walk from both Riversdale and Willison train stations, tram routes along Riversdale Road as well as many elite schools,” he said.
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