Ivanhoe development site tipped to fetch at least $6 million

A corner block in Ivanhoe has hit the market, presenting buyers with a chance to develop a luxury residential project in one of Melbourne’s most tightly held pockets.

Savills Australia’s Jesse Radisich, Julian Heatherich and Benson Zhou have been appointed to sell the prominent landholding at 20 Lower Heidelberg Road and 95 Waterdale Road, with expectations of at least $6 million, saying they are expecting local and offshore interest.

“The recent Savills transaction of an adjoining site at 24-26 Lower Heidelberg Road, which sold for $14.5 million in late 2017 was an indication of the high demand in the area, as well as a clear demonstration of the rarity of significant opportunities offered to the market,” Mr Radisich said.

“We expect strong interest from a wide range of developers. Ivanhoe is a truly premium and tightly held suburb, with major development opportunities extremely hard to come by, particularly positioned in such close proximity to the elite Ivanhoe Grammar School,” he said.

The site features a combined 142 metre street frontage, including valuable rear laneway access.

“This magnificent landholding presents developers with the opportunity to deliver a project of significant scale, with the benefit of favourable planning parameters and a consistently high level of residential demand,” Mr Heatherich said.

Located in one of Melbourne’s most established suburbs, the site benefits from a prime position within close proximity of shopping centres, elite schools and public transport options.

Expressions of interest close Friday 15 March 2019.

Learn more about Savills Residential Site Sales.