Neighbours unite in Bentleigh to offer residential development site
A Melbourne based developer has paid $3.6 million for a prime residential development site at Bentleigh in Melbourne’s inner south-east.
It was in a private treaty sale brokered by Savills Australia on behalf of two neighbours.
The 24-26 Vickery Street site, located close to the Centre Road retail strip and Bentleigh railway station, sits within the McKinnon High School zone.
The Residental Growth Zone allows for a four level development under recently amended planning laws.
Savills’ Julian Heatherich and Jesse Radisich said the consolidation of neighboring residences sold on the very strong rate of $2,652 a square metre.
"The sale price reinforces the market’s appetite for well located suburban development sites,’’ Heatherich said.