High Street, Camberwell development site sells to Melegant Group after 50 years ownership

A substantial Camberwell site has been sold for the first time in over half a century.

Colliers International in conjunction with Woodards secured the sale of 7-9 High Road (pictured above) for over $17million.

The property was purchased by Melegant Group through a "hotly contested" public tender campaign.

Melegant Group is managing more than 35 projects totalling more than $250million, across mostly eastern Melbourne. 

Its recent purchases included a development supersite in Malvern East for around $15 million last year, at 1-9 Sylvester Crescent.

It is directed by Eddie Zu and David Xu.

“2018 has seen the market starved of high calibre development sites,” Burgess said.

“The result, and competition we received, at 7-9 High Road is a reflection of this and shows the market’s desire for premium develoment opportunities in Melbourne’s high end suburbs."

“Occupying a sought after position of over an acre near the corner of Toorak and Burke Roads, this was an unmatched, generational opportunity to secure an incredibly rare land holding in Melbourne’s premier inner-east."

Comprised of three titles and with frontage to High Road of more than 40m, the holding is 4,433sqm.

The site is currently home to a period Californian bungalow converted into three one-bedroom apartments, as well as four blocks of two-bedroom apartments making a total of eighteen apartments.

Melegant Group recently struck a three-year lease over 280sq m of office space on Level 3, 990 Whitehorse Road, Box Hill, the former ATO building which will cost the company a net annual rent of $98,250.