Glen Eira urban village rezoning a windfall for trio

New zoning and Chinese developer interest have combined to deliver half million dollar windfalls for three Bentleigh households.

The off-market deal through Savills Australia, saw three neighbours at 14, 16, and 18 Bent Street, sell their adjoining homes to a developer for $5.76 million.

It was estimated by Savills to be $1.8 million more than could have been expected from separate individual sales.

Savills Australia selling agent Julian Heatherich said the neighbours could have reasonably expected $1.3 million to $1.5 million in separate sales but the combined property provided a more valuable development opportunity.

The undisclosed purchaser intends to seek permission to develop a multi-level apartment building on the amalgamated 1985 square metre site.

Julian Heatherich said an opportunity was created following state government zoning changes last July, after which the local Glen Eira municipality implemented its new Urban Village Policy allowing for multi-storey development of up to four levels in certain locations.

Savills has been active at Bentleigh as it sold just down the street at 23 Bent Street last year. It was a corner allotment of 1058 square metres with a permit to develop a 27 apartment four levels block which sold for $3.4 million, also to a Chinese developer. 

Savills also sold a 748 square metre site at 261 Centre Road, Bentleigh for $2.735 million to a local developer with a permit to develop 28 apartments in February after attracting 150 enquires from local and off-shore developers.