Developers on the hunt for medium density residential sites

April 03, 2012 | Development Sites | Commercial

Developers are turning their attention to medium density residential sites in the sub-$4million market in Melbourne’s east, according to Colliers International.

Colliers International Executives Hamish Burgess and Ben Baines have witnessed a growing focus on these sites from developers in the eastern suburbs.

“While infill high density sites have boomed in recent years, developers are now favouring medium density sites in the eastern suburbs that have strong arterial transport amenity and links to retail centres,” Mr Burgess said.

“Developers in the Melbourne East metropolitan market have proven that they are on the hunt and are willing to acquire sites.”

Along with Colliers International Director Peter Bremner, Mr Burgess recently concluded a successful private sale campaign for a site of this kind at 1 Eastway Avenue in Donvale.

“The property had a permit for 15 double-storey dwellings and sold, after receiving significant interest, for $2.6million,” Mr Burgess said.

“Another property at 5 Eva Crescent in Box Hill North recently sold for $1.27million and the purchaser plans to develop four townhouses on site, while another at 1213-1217 Centre Road, Oakleigh South also recently sold for $3.76million.”

Mr Baines and Mr Burgess are currently marketing sites which are generating significant interest from residential developers.

37 William Street, Ringwood, a 1.3ha site within close proximity to Eastland Shopping Centre and Eastlink zoned residential 1, is for sale by tender (closing April 5).

“This property has being held by the same family for in excess of 55 years and is one of the last remaining residential sites in the Ringwood area,” Mr Baines said.

“In addition to this, we are marketing a site on behalf of the Department of Treasury and Finance on the corner of Cathies Lane and High Street in Wantirna South, which is to be auctioned on March 28.

“Both sites have generated significant enquiry from developers for the purposes of medium density residential development.”

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