Savills in development site quick sale in Highett

Savills in development site quick sale in Highett
Savills in development site quick sale in Highett

Savills Australia have sold a high-profile residential development site with a permit for 11 apartments to a Melbourne based private developer for $1.27 million.

Located in Highett in Melbourne's south-east, the site had only been on the market for a week.

Comprising a corner 701 sqm site, 1157 Nepean Highway has a combined street frontage of 52 metres and was solid via a private sale.

Selling agents Jesse Radisich and Julian Heatherich described the market as hungry and weren't surprised at the speed of the sale.

"This was a fantastic opportunity in that it offered several key ingredients to a successful apartment project including a corner location providing superb site access and design flexibility, a location well served by public transport and five minutes from Westfield Southland Shopping Centre, and of course a development permit," said Jesse.

The property was sold vacant and cleared on a land value of $1812 a square metre and at a unit rate of $115,455.

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

Tags: 
Melbourne Residential Development

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