$5.95 million paid for Elwood Beach residential rebuild
Michael CrawfordDecember 7, 2020
A Melbourne developer has paid $5.95 million for an Elwood Beach residential site with immediate plans to develop it into a luxury 23 apartment complex.
The site, 47 Ormond Esplanade, has an existing approved permit and plans that include including two penthouses and private rooftop terraces.
Savills agent Julian Heatherich said he fielded over 200 enquiries during the four week expressions of interest campaign, with the purchaser buying on an unconditional basis with a short-term settlement.
Colleague Clinton Baxter said a penthouse apartment at Elwood House sold for $2.95 million off-the-plan recently, equating to a square metre rate of more than $17,000, way over the local area average of circa $12,500 a square metre rate.
Michael Crawford
Michael is the real estate reporter for western Sydney and loves writing about homes and the people who live in them. A former production editor and news journalist, he enjoys writing about real-world property purchases as well as aspirational buys and builds. Following a recent move from Sydney’s northern beaches, Michael now actually enjoys commuting.