Riddells Creek townhouse development site sold for $190 a sqm after strong interest

A residential development site suited to a townhouse development at Riddells Creek has been sold.

Gray Johnson agent Rory White says that the campaign for 138 Main Road attracted over 40 enquiries for the property with a sale negotiated with a local builder-developer at $190 a square metre for the site of 2,206 sqm, or $420,000.

“The property with a frontage of 31 metres to Main Road holds a General Residential Zone 1 rating under the local planning scheme.

“It was offered along with a conceptual development plan for a potential townhouse development prepared by V-Arc Architects subject to planning approval.

“The purchaser is a local developer who has recently completed several townhouse developments in the local area” Mr White says.

Riddells Creek, 50 kms north-west of the City in the foothills of the Macedon Ranges, is a regional growth area with semi-rural charm and a growing local population.