Development supersites gain traction

Colliers International sells five adjoining houses in Malvern East for circa $15million

A development supersite in Malvern East has sold for circa $15million, illustrating the demand from developers to introduce more boutique residential and multi-dwelling projects to Melbourne’s eastern suburbs.

The strip of five adjoining houses from 1-9 Sylvester Crescent, which includes a prime corner allotment, covers about 3,420sqm and is zoned for Residential.

Colliers International’s Ted Dwyer and Ben Baines brokered the deal following a competitive expressions-of-interest campaign among residential and aged-care developers.

“This campaign generated more than 100 genuine enquiries, six unconditional offers and an eventual sale price per property that exceeded what the properties would be worth individually by approximately 55 to 60 per cent,” Mr Dwyer said.

“It marks the 30th combined development site sale that Colliers International has successfully transacted in the past 24 months.”

The ultimate purchaser was Melegant Group, which is managing more than 35 projects totalling more than $250million, and was particularly keen on the site due to the affluent suburb and parkside location.

Directors Eddie Zu and David Xu said they planned to create a statement piece for the area that appealed to owner-occupiers.

“We would look to develop a part-apartment, part-townhouse product, which takes full advantage of the stunning park aspect and sweeping panoramic views,” Mr Zu said.

Mr Dwyer said supersites, particularly those in blue-chip locations, were rapidly gaining traction with a variety of developers.

“This is particularly the case for sites close to parks and other lifestyle aspects, where the end product will appeal to owner-occupiers,” he said.

“This was evident in our recent sale at 385-387 Wattletree Road, Malvern East, which set and still holds the land rate record for the area.”

Mr Baines said Stonnington remained the most sought-after municipality for residentially zoned developments.

“There is so much scope to develop high-end boutique projects suitable to downsizers, who wish to stay within the area they have lived in for many years,” he said.

Colliers International Melbourne city-fringe metro Malvern East eastern suburbs boutique residential development commercial property

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