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.