Earl Street Melbourne development site to come to market

A 2,509 square metre townhouse development site in Melbourne is set to come onto the market in March.

Located at 93-95 Earl Street, the property is permit approved for 24 townhouses.

CBRE’s Julian White, David Minty and Chao Zhang have been appointed to market the landholding.

“It’s rare that sites with more than 10 permit approved townhouses are available for purchase in Melbourne’s inner east – especially in a blue-chip suburb such as Kew, which has a current median house price of $2,515,000,” Mr White said.

Mr White added that there was significant demand for premium medium-density development land in quality locations, however, very little supply for these landholdings.

Based on the total number of dwellings under construction (or being marketed) and due for delivery by the end of 2022, there is a 0% supply of townhouses for three-bedrooms or more in Inner East Melbourne – creating perfect market conditions for 93-95 Earl Street, Mr White continued.

“We have also found that Kew properties appeal to a very broad market,” said Mr Zhang, CBRE’s Asian market specialist.

“Kew’s excellent amenity – retail, education, parks and gardens – have made the suburb a target market for many Asian developers and apartment investors.”