Development site tipped to fetch more than $11.5 million

A major development site in the premium Melbourne suburb of Camberwell has hit the market, with interest expected to reach more than $11.5 million, as buyers continue to seek luxury development opportunities in the Melbourne’s east.

Savills Australia’s Jesse Radisich, Julian Heatherich, Nick Peden and Benson Zhou have been appointed to sell the permit-approved site at 1052-1058 Toorak Road, saying they expected to generate significant interest throughout the expressions-of-interest campaign.

“With very few opportunities of this scale and nature currently available in the market, we expect very strong interest in this truly premium opportunity,” Mr Radisich said.

The permit includes 33 large apartments and four townhouses designed by C. Kairouz Architects, with more than 105 metres of combined street frontage to Toorak Road and Dickens Street. The corner site enjoys an elevated position, providing potential for stunning panoramic views.

“Securing a corner site of this scale in such a premium location is truly rare, and the opportunity is also likely to appeal to aged care and childcare developers/operators, who will no doubt appreciate the large landholding on offer,” Mr Radisich said.

Mr Heatherich said the landholding presented buyers with “an outstanding opportunity” to secure a premium development landholding of significant scale in a proven and established residential location.

“This landmark project will provide a genuine luxury product into one of Melbourne’s most sought after and superior residential locations, with an average unit size of approximately 117sq m,” he said.

“The project has been carefully designed to provide a product that will be highly sought after by the current market, in response to strong ongoing demand from owner-occupiers and downsizers.”

The strategically positioned site is within close proximity of some of Melbourne’s more renowned retail precincts, including Hartwell Retail Village, Tooronga Shopping Centre and Camberwell Junction, along with high quality education facilities, an abundance of parks and recreation facilities and public transport.

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