Colliers International’s Development Sites team sells 164-168 and 170 Manningham Road in Bulleen with permit for 61 apartments in the burgeoning suburban development market
A private developer has snapped up a prime corner land allotment measuring about 2933sqm in Melbourne’s north-east for $5.1million.
The proposed development at 164-168 & 170 Manningham Road, Bulleen, has a net saleable area of 4461sqm, with a permit for 61 residential apartments across four levels and 69 basement car spaces.
Colliers International’s Hamish Burgess, Trent Hobart and Ted Dwyer handled the transaction.
Mr Burgess said the site attracted strong interest from residential developers looking for de-risked opportunities in the suburban development market.
“The buyer was drawn to the large design of the units, which have been designed for owner-occupiers,” he said. “The site transacted on a unit rate of $83,606, a strong result for the eastern suburbs.”
Mr Hobart said ongoing growth in this market was expected throughout 2017 and beyond.
“Established house prices continue to rise in value, providing a strong case for the development of well-designed, owner-occupier apartments in blue-chip areas,” he said.