Off-market Cheltenham development site sale

A Melbourne-based developer has secured four permit-approved Cheltenham properties for $6.5 million before they hit the market.

The 2,867 square metre corner allotment, which encompasses 1-2 Moola Street and 4-6 Barker Street, has potential for 49 units.

Savills Australia’s Julian Heatherich brokered the deal on behalf of a local investor, securing a land rate of $2,260 per square metre or $132,000 per unit.

Heatherich said the sale was a positive sign of the year ahead.

“2018 has kicked off with a flurry of activity, with developers back in force looking for their next opportunity,” he said.