Developers are actively looking to build their pipelines for 2021 and beyond, as there has been flurry of deals across Melbourne.
This is evident as two local developers have acted swiftly to secure permit approved development sites in Melbourne’s eastern suburbs, in Glen Iris and Balwyn North.
In a clear indication that the Melbourne market remains resilient and brimming with active buyers, the two properties attracted more than 200 enquiries across the two campaigns that were conducted and transacted entirely throughout Melbourne’s stage four lockdown.
The first site was secured by a local developer, looking for a project to kick-start 2021. The site comprised a boutique apartment development site with DA in place for 11 luxury apartments in Glen Iris, one of Melbourne’s premium and highly sought lifestyle locations. The property was snapped up for $2.9 million from a local owner.
Located at 48 Edgar Street, the 1.007sq m site is within direct proximity to some of the city’s most renowned retail and lifestyle precincts and elite schools.
The second transaction just 6 days later was a luxury residential project with approved permit and endorsed plans for 8 high end apartments, located at 94 Doncaster Road in Balwyn North.
The 907sq m site, with the approved project which has been designed by award-winning ‘Nicholas Day Architects’ and was sold for circa $3 million to an active local developer.
Both properties were sold by Julian Heatherich, Mark Stafford and Benson Zhou of Savills Australia who saw more than 200 registered parties vying for the two sites.
According to Julian Heatherich, Director, CBD and Metropolitan Sales at Savills Australia, the plans and permit allowed for two high-end residential projects, both of which are ideally situated within highly sought after residential locations.
“The opportunity to secure blue-chip landholdings, with permits for boutique residential projects is such premium lifestyle locations always attract significant interest. Ultimately we were able to leverage off the strong level of interest and generate an unconditional offers on short settlement.” Mr Heatherich said.
Mr Heatherich noted “There has been a clear increase in sales activity and enquiries as developers in particular look to build on their pipelines for 2021 and beyond.
According to Mark Stafford “The level of demand over recent weeks, coupled with the strong results achieved have further highlighted the resilience of the Melbourne market, as the end of 2020 fast approaches and buyers look to act swiftly to secure their next project.”
Learn more about Savills Residential Site Sales services.