Local developer buys Moonee Ponds development site for over $2.8 million
A vacant development site in Melbourne’s Moonee Ponds has been sold for $2,811,000 to a local developer.
CBRE’s David Minty secured $211,000 above the reserve at its recent auction.
It last sold in 2016 at $1,126,666.
The 1,164sqm site at 48 Holmes Road is zoned General Residential.
It was previously earmarked for a three-storey, 11 unit apartment project.
There were concept plans available to buyers.
It has frontage to Holmes Road and to Sydenham Street .
The marketing campaign generated more than 150 enquiries, with strong bidding from domestic and international developers, Minty said.
“The sale represents a strong rate of $255,000 per apartment site and highlights the confidence in the outlook for Melbourne’s housing market,” he noted.
“We have experienced a notable increase in buyer confidence and activity post Melbourne’s Stage 4 lockdown period,” he added.
High rise projects underway in Moonee Ponds include Rise.
Urban lists the projects here.