McKinnon development site sold for $4.2 million

A development site at McKinnon in Melbourne's inner south-eastern suburbs has sold for $4.2 million.

It has been bought by a local developer and came with a permit for residential and retail development that includes 39 apartments and six shops.

The 1402 sqm site at 236 Jasper Road has a combined frontage of 74 metres and is zoned commercial 1.

It's located in the within the McKinnon Road retail shopping precinct.

Teska Carson marketing agents Matthew Feld and Tom Maule secured the sale.

"This is a superb property for such a development in that it takes advantage of a generous site with excellent access and the exceptional demand for apartments in this area, and the price, at a rate per unit of $108,000, reflected that,’’ Tom said.

They fielded more than 120 calls for the property.