Six McKinnon neighbours sell combined residential development site for $8.88 million

Six home owners at McKinnon in Melbourne’s south-eastern bayside, have reaped a $8.88 million, off-market sale of heir residential development site.

Savills Australia’s Julian Heatherich brokered the sale of the 3 to 9 Claire Street offering.

Sold at what is believed to be a record $2913 a square metre for the area, six neighbours came together with the common aspiration to create a one-off opportunity by combining their properties to form an attractive development prospect.

"Six home owners have reaped a circa 40% price windfall," Savills Australia’s Julian Heatherich said.

The property, comprising four residential sites totaling 3049 square metres and six individual properties (six owners), is zoned General Residential, has 60 metres frontage to Claire Street, minutes walk to McKinnon Road retail strip and railway station.