Eight owners market one acre Cheltenham site

Eight owners market one acre Cheltenham site
Eight owners market one acre Cheltenham site

Eight residential property owners have banded together to sell their homes together for around $9 million.

The homes in the Melbourne suburb of Cheltenham have been dubbed the 'Bayside 8'. According to Savills this is the largest bayside consolidated development site opportunity ever to be offered to the market.

Zoned General Residential 1, the 375-389 Bay Road property comprises eight adjoining sites, totaling 4715 square metres, with 135 metres frontage to Bay Road, located directly opposite a retail shopping strip and just down from Southland.

Savills marketing agent Julian Heatherich said the owners had considered the location and size of the property, with main road frontage, within 300 metres of the proposed new Southland railway station, and just down the road from Westfield Southland shopping centre and Bayside beaches, would make an exceptional multi-unit residential development site.

"Developers have been very keen, not simply because of the availability of a site, but because of the certainty provided by policies and zonings designed to offer higher density housing to a growing Melbourne population in locations with significant established amenity," he said.

"Owners, particularly those in the sand belt and surrounding bayside suburbs have become savvy vendors and developers have been happy to oblige with purchases that have often returned more than the individual owners could have hoped for.

"The location would appear to be perfect for higher density development with the new station at Southland - due for completion next year according to PTV - a major consideration."

Savills has sold over 120 residential properties in newly-rezoned areas over last 24 months in suburbs across Melbourne, including the first known example of this type of consolidation sale, when three neighbours in Bent Street, Bentleigh sold their adjoining homes to a China based developer for $5.76 million in June 2014.

The property is for sale via expressions of interest closing Wednesday, July 6 at 2pm.


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