Bentleigh development site sells for $3.7 million through Savills
A development site in Melbourne’s south-eastern suburb of Bentleigh with potential for a higher density residential project has been bought by a developer for $3.7 million.
The 17-19 Loranne Street site spans 1398 sqm with 32 metres frontage, translating to a strong selling rate of $2,647 a square metre.
The deal was brokered by Savills’ Julian Heatherich and Jesse Radisich.
The agents said the property appealed to developers because of its inner bayside location and popularity as a residential suburb.
“Bentleigh, with its excellent level of lifestyle and retail amenity, access to public transport and key arterials, and close proximity to the CBD, continues to provide opportunities for development,” said Heatherich.
“The demand from apartment buyers has been a key driver and, with Melbourne’s population growth continuing to exceed all other capitals, that demand appears likely to remain.’’
The vendors were two private residential owners.
