Highett Apartment Site Sold in One Week

A high-profile residential development site with a permit for 11 apartments at Highett in Melbourne’s south-east, has sold to a Melbourne based private developer for $1.27 million just one week after listing with Savills Australia.

The 1157 Nepean Highway property, comprising a corner 701 square metre site zoned General Residential 2 with a combined street frontage of 52 metres, was sold via a private sale campaign amid what agents, Jesse Radisich and Julian Heatherich, described as a hungry market.

“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.

“This is just what developers are looking for and in a hungry market, it was no surprise that we were able to deliver a quick result for the vendor,” Mr Radisich said.

Mr Heatherich said the property was sold vacant and cleared on a land value of $1812 a square metre and at a unit rate of $115,455.

He said the vendor was a private local investor.