Ivanhoe site with development potential listed at $6 million plus

A corner development site in Melbourne's Ivanhoe has hit the market with price expectations of $6 million plus.

The corner block at 20 Lower Heidelberg Road and 95 Waterdale Road offers a chance to create a residential project in a tightly held area.

Savills Australia’s Jesse Radisich, Julian Heatherich and Benson Zhou have been appointed to sell the landholding.

They said they are expecting local and offshore interest. 

Savills sold the adjoining site 24-26 Lower Heidelberg Road for $14.5 million in late 2017.

Radisich said it was an indication of the high demand in the area. 

“We expect strong interest from a wide range of developers,” Radisich said. 

“Ivanhoe is a truly premium and tightly held suburb, with major development opportunities extremely hard to come by, particularly positioned in such close proximity to the elite Ivanhoe Grammar School.”

The site features a combined 142 metre street frontage, including rear laneway access.  

Heatherich suggested the landholding presents developers with the opportunity to deliver a project of significant scale.

"They will have the benefit of favourable planning parameters and a consistently high level of residential demand,” Heatherich added.

The site is within close proximity of shopping centres, elite schools and public transport options.