Property Development

Shire of Nillumbik sells Greensborough development site for $3.95 million

Shire of Nillumbik sells Greensborough development site for $3.95 million
Written by The ReReport
As seen in the Source link, written by realestatesource.com.au on 2018-12-18 00:52:14

A birds-eye view of the offering, configured as two rectangle parcels divided by a laneway.

The Shire of Nillumbik is banking $3.95 million from the sale of a development site opposite the Diamond Valley Library.

Lots 13-26, Whittingham Circuit, in Greensborough, sold to a local residential developer.

The 4733 offering is configured as two individual rectangle shaped parcels, divided by a laneway.

The Greensborough Bypass is in the immediate vicinity.

Prior to listing the block for sale in October, the local council obtained a permit allowing for it to be replaced with 14 oversized townhouses (the average dwelling will have an internal area of more than 200 sqm). The residences will occupy larger than average blocks – between 266 sqm and 493 sqm.

Knight Frank marketing agents Ed Wright and Tom Zhou marketed Lots 13-26, Whittingham Circuit, Greensborough via a sale by set date campaign closing on December 5.

The brokers promoted the value of homes in Greensborough – the suburb has a median house price of $820,000.

They also marketed the location – close to Greensborough Plaza, public transport, and wrapped by a running track providing access to Yellow Gum Park.

Mr Wright said the sale price equates to a value of more than $280,000 per townhouse lot.

Greensborough is about 19 kilometres north-east of the Melbourne CBD.

The council recently sold this Eltham site after a campaign seeking a development partner. The one hectare block has been vacant for more than 20 years.

At present, the Metropolitan Ring Road terminates at the suburb.

The proposed North East Link motorway, however, will extend this road from Greensborough to the Eastern Freeway at Bulleen, 26 kilometres away.

A few months ago, the same council sought an expressions of interest partner to develop a commercial site at 895-903-907 Main Road, Eltham with a project containing some kind of community benefit.

This one hectare block, which has been vacant for more than 20-years, was recently marked under offer following an expressions of interest campaign, managed by Knight Frank’s Ed Wright, James Thorpe and Danny Clark, which closed on September 21, 2018.