Property Development

Super-sized Greenvale blocks have 44 buyers lined up per lot

Written by The ReReport
As seen in the Source link, written by on 2019-01-16 15:32:55

The Grandeur development in Greenvale

The Grandeur development in Greenvale has 420 prospective buyers for its nine allotments — each at least 2000sq m in size.

We like big blocks, and we cannot lie.

With 420 buyers registered for just nine super-sized lots, some with eight-figure prices, a Melbourne developer has the numbers you can’t deny.

At a minimum, buyers at the Grandeur development in Greenvale to the city’s north will get a 2000sq m block — five times the size of Melbourne’s median vacant lot in a new estate.

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But it will cost them, with prices expected to range from $850,000-$1 million.

The popularity is so high, it’s expected buyers will have to compete for the lots.

“We haven’t decided the method of sale, but it’s likely to be auctions,” said Harper and Cooper director David Shen.

Despite the high entry cost, the blocks were still good value, he added.

“It does have a higher price, but it is better value at a square metre rate,” Mr Shen said.

At $850,000, a 2000sq m lot costs about $425 a square metre.

Spending $250,000 for a median 400sq m lot works out to $625 a square metre.

The Grandeur development in Greenvale

Landscaping and a grand entry will be part of the estate.

At the top of the range, the blocks will max out at 2400sq m — but come with a view to match their $1 million asking price.

The estate will also be landscaped with palm trees, a 200-year-old Red River Gum already at the site and a stone-lined front entry.

Most of those interested to date were young families already living in Greenvale or nearby, and most of them had big plans to match the block sizes, Mr Shen said.

“One of the prospective buyers is talking about a 100-plus square (930sq m) house,” he said.

While Greenvale has a reputation for larger lot sizes, the Grandeur blocks mark a step up again — and a rare one in an increasingly price-sensitive property market.

“It’s quite a unique project, I wouldn’t expect a lot of people to do this — I think the trend will continue to be the more affordable lots,” Mr Shen said.

The blocks are expected to come up for sale officially in the next month or so.