Property Development

Eaglemont site fetches $12.82 million from developer

Eaglemont site fetches $12.82 million from developer
Written by The ReReport
As seen in the Source link, written by on 2019-11-29 10:47:00

A developer is planning a mixed use project with apartments and a child care centre, after paying $12.82 million for the L-shaped Eaglemont parcel.

A developer is paying $12.82 million for an Eaglemont block at the busy south west corner of Banksia Street and Lower Heidelberg Road, opposite a Woolworths supermarket.

The 5034 square metre L-shaped parcel (pictured, right) is actually six neighbouring residential homes, offered by four ownership groups – which banded to make their offering more attractive to a large scale developer.

The strategy worked with the incoming owner expected to
replace the amalgamated with a major mixed-use village comprising apartments,
retail and a childcare centre.

The properties, 25-31 Banksia Street and 437-439 Lower
Heidelberg Road, are on land zoned General Residential 2, which would allow for
a three storey redevelopment.

Heidelberg’s popular Burgundy Street retail strip (pictured, top) is 400 metres away. The block is also walking distance from the Heidelberg train station, a kilometre from the Austin Hospital and Warringal Private Hospital, and two kilometres from Heidelberg Hospital.

Also close to Ivanhoe Grammar and Marcellin College, Eaglemont carries a median house price of $1.74 million according to

Block had been on the block for two years, via three agencies

Melbourne Acquisitions agent James Latos sealed the Eaglemont deal.

The block would look familiar to those active in the metropolitan
development site game – being for sale off-market last year, via a different
agency – but only as four homes (25-31 Banksia Street, on 3493 sqm of land
forming a rectangle shape).

In 2017, these same four homes were for sale with another
agency – that marketing campaign, said to have cost more than $40,000, resulting in multiple For Sale boards stretching a block of the
length  of Banksia Street for months.

Two years ago the offering featured on a current affairs show – being one of the first development sites formed by neighbours banding together, to attract large-scale builders.

Since then, we have reported about several building blocks created this way, and selling for premium prices, including in Box Hill and St Kilda.

Eaglemont site was competitively received this time around

The return of buyer confidence –
for both metropolitan development sites, and apartments – resulted in a competitive
marketing campaign this time around, Mr Latos said.

The fundamentals of the location –
Eaglemont being one of the north east’s most exclusive pockets, well serviced by
amenity and transport, and 10 kilometres from the city – was another.

Mr Latos said five formal offers were received after the
property was advertised for private sale a couple of months ago.

“The sale price is a record for the suburb of Eaglemont
and is a clear sign that there is strong demand for substantial residential
development sites in the inner and middle ring residential markets,” the
executive added.

“The vendors are delighted with the result and the purchaser has also done very well to secure such a rare offering in a blue chip suburb.

The Eaglemont property is about a kilometre from the Austin Hospital.

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