Adjoining home owners secure Moonee Ponds development site sale through Savills

Adjoining home owners secure Moonee Ponds development site sale through Savills
Jonathan ChancellorDecember 7, 2020

A Melbourne based developer has paid $2.5 million for a prime residential development site at Moonee Ponds in Melbourne’s inner north in a private sale brokered by Savills Australia. 

Located at 21-23 Norwood Crescent, the 841 square metre property is located in a Commercial 1 Zone within the Moonee Ponds Activity Centre, allowing a four level development. 

The property, combining neighbouring residential sites, sold on the very strong rate of $2,973 a square metre for the land through selling agents, Savills’ Julian Heatherich and Jesse Radisich.

Heatherich said the sale was another example of adjoining homeowners successfully combining to create a larger development site and significantly increasing the value of each property.  

"Home owners are increasingly jumping on board this trend towards joining forces to produce fantastic results which individually they would not have been able to achieve,’’ he said.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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