Unprecedented demand for boutique development sites in Melbourne’s east

Colliers International sells permit-approved property in Surrey Hills, marking third development site sale in Boroondara municipality in past month for total of $14.43million

A prime-located, permit-approved development site in Surrey Hills has sold to an offshore developer for $9.4million, as prospective buyers continue to seek land for boutique townhouses in Melbourne’s leafy east.

The 2,553sqm property at 352-358 Canterbury Road marks the third development site sale transacted by Colliers International in the Boroondara municipality in the past month, for a total of $14.43million.

The site has permit approval for 17 townhouses, 12 apartments and five shops, with a flexible Commercial 1 zoning in place.

Agents Hamish Burgess, Bryson Cameron and Ben Baines managed the expressions-of-interest campaign, which attracted 150 genuine enquiries and sparked strong bidding
among local and offshore developers.

“The strong sale result shows that there is strong confidence in the market for blue-chip development sites in Melbourne’s eastern suburbs,” Mr Burgess said.

“Earlier in the month, we also sold 16 George Street, Hawthorn, for $3.3million to another Asian developer and 132a Cotham, Kew, for $1.73million.”

Mr Burgess said enquiry for boutique-sized sites within the Boroondara municipality was at a record high, as developers seek flight-to-quality locations and owner-occupier product offerings.

“Surrey Hills is a proven townhouse and apartment market, with a median house price of $1.8million,” he said.

“The property was hotly contested by local and offshore developers seeking to acquire a high-quality, permit-approved townhouse site in one of eastern Melbourne’s finest suburbs.

“We also received interest from parties looking to value-add and increase the density on the site.”

The site at 352-358 Canterbury Road is beside Surrey Gardens, 300 metres from Surrey Hills train station, moments from the Union Road shopping strip and within easy reach of Maling Road.

“The buyer jumped on the opportunity to acquire a permit-approved townhouse development site with such tremendous amenity on its doorstep,” Mr Burgess said.

Colliers International Melbourne CBD Residential Development Site Sales Surrey Hills eastern suburbs apartments townhouses retail commercial property

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