Moonee Ponds development site fetches $3 million

A Melbourne based developer has paid $3 million for a Moonee Ponds site with a permit for a mixed use development.

The 841 square metre site at 21-23 Norwood Crescent property is zoned Activity Centre Zone1 and was sold at a land rate of $3567 a square metre. The private sale was brokered by Savills' Jesse Radisich and Julian Heatherich.

Radisich said the property has a permit for 19 apartments and ground floor commercial space and had attracted strong interest from developers. 

"The property generated considerable interest with more than 65 individual enquiries from a wide range of local and off-shore developers, and that reflected the strength of not only the Moonee Ponds market, but the northern suburbs in general,” he said.

The property is located close to Moonee Ponds Central Shopping Centre, public transport and schools.

Heatherich said the area was undergoing rapid growth with apartment development sites keenly sought after.

"Moonee Ponds has long been a popular centre and it continues to attract new residents looking for a home in an area which offers all essential amenities within close proximity of the CBD,’’ Heatherich said.

The vendor was a local private developer.