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Development Site sale -11-15 Chadstone Road, Malvern East

Posted by Development Ready on Nov 23, 2015

A local developer has paid $3.66 million for a development site in Melbourne’s southeast.

The site is across the road from the Chadstone Shopping Centre and was recently granted a permit for six townhouses.

Colliers International’s Ben Baines said that had been more than 100 inquiries from local and offshore developers.

“Changes in residential zonings have put a squeeze on the supply of land suitable for development in the area. This, together with the significant gap between median house and unit prices in the immediate area, has created a strong appetite for this kind of property,” Mr Baines said.

PRICE: $3.66m

BUYER: Local developer

SELLER: Holmesglen Institute of TAFE

AREA: 1977sq m

AGENTS: Jeremy Gruzewski and Ben Baines, Colliers International

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