Buxton Projects secures Malvern East townhouse site

The site sits within the popular Stonnington municipality
Buxton Projects secures Malvern East townhouse site
Jonathan ChancellorNovember 21, 2021

Buxton Projects has purchased a park-front Malver​n East site for $10.5 million.

The 3987 sqm site at 50 Sycamore Street will likely become a townhouse project.

It was sold by Colliers agents Hamish Burgess and Joe Kairouz after offers closed in mid-October.

Set close to Waverley Oval, it was described as an "unrepeatable and scarce development proposition in a quality inner eastern location."

Another site is currently for sale with approved plans and permits for seven 2-bedroom apartments and two contemporary 3-bed townhouses designed by Cactus Architects.

The 867 sqm site at 74 Chadstone Road, Malvern East is for sale through Thomson Malvern with a $2.5m to $2.7 m price guide.

Developers often face competition from local schools for sites.

In 2017 the site at 385-387 Wattletree Road, Malvern East was sold for $12,650,000 to Caulfield Grammar.

The 2230sqm site opposite Central Park, delivered the two vendors a $5650 a square metre windfall.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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