Colliers International launches campaign for 1.5-hectare residential development site
A development supersite of about 1.5 hectares in Ivanhoe East is expected to achieve a premium sale price of circa $30million.
Fourteen properties bounded by The Boulevard, Wamba Road, Wilfred Road and Cedric Street, totalling 15,191sqm, pose a rare opportunity for boutique residential living in the tightly held north-eastern suburb.
Colliers International’s Jeremy Gruzewski and Ted Dwyer have been appointed to manage the sale on behalf of the Morris family, who have put the site together during the past 26 years.
“The land parcel is rare, not only for its substantial size, but also because it is not affected by registered single-dwelling covenants, significant landscape overlays, or heritage controls, which affect much of this highly regarded suburb,” Mr Gruzewski said.
“With so much of Ivanhoe East under these planning controls, this supersite is an exception and represents a significant parcel of land ripe for redevelopment.”
Mr Gruzewski said Colliers International expected strong interest at circa $30million.
“With a median house price of $1.7million, Ivanhoe East is regarded as one of Melbourne’s finest suburbs and any redevelopment is bound to achieve premium prices,” he said.
“The four street frontages and parkside locale, just moments from East Ivanhoe village, make this a tantalising prospect for high-end apartment, townhouse or even retirement living.
“It is hard to put a value or a price on such a rare and unique offering that is probably never to be repeated.”
Mr Gruzewski and Mr Dwyer have recently sold 321 Lower Heidelberg Road, Ivanhoe East, for $11.05million, which had a land area of 5441sqm but was affected by single-dwelling covenants. The property was acquired by an aged care provider, showing a land rate of $2,030 per sqm and highlighting the strength and desirability of the location.
“While each developer will have differing ideas on the end development, we are certain it will be high-end and take advantage of the premium suburb, parkside location and outstanding local services,” Mr Gruzewksi said.