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.
BUYER: Local developer
SELLER: Holmesglen Institute of TAFE
AREA: 1977sq m
AGENTS: Jeremy Gruzewski and Ben Baines, Colliers International