Buxton Projects secures Malvern East townhouse site
Buxton Projects has purchased a park-front Malvern 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.