Local developer buys Moonee Ponds development site for over $2.8 million

The site was previously earmarked for a three-storey, 11 unit apartment project.
Local developer buys Moonee Ponds development site for over $2.8 million
Jonathan ChancellorJanuary 14, 2021

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.

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.

Editor's Picks

Above Zero to launch Glyndon in Camberwell
Sunkin takes luxury to new heights at Highett Common
The K2K Plan to transform Kensington and Anzac Parade corridor
Bathla launches Hillview Terrace, North Kellyville townhouse development
“A lifestyle destination rather than a holiday destination” Why the Gold Coast is now more boom than bust