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Developer pays $3 million for Moonee Ponds site

Property Markets / Transactions

Australia

Feb 27 2017

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A Melbourne based developer has paid $3 million for a Moonee Ponds site with a permit for a mixed use development in a private sale brokered by Savills Jesse Radisich and Julian Heatherich.

The 21-23 Norwood Crescent property comprising an 841 square metre site, zoned Activity Centre Zone1, was sold at a healthy land rate of $3567 a square metre and a very strong unit rate of $150,000/unit.

Mr Radisich said the property, which was sold with a permit for 19 apartments and ground floor commercial space, had attracted strong interest from developers.

"The property generated considerable interest with more than 65 individual enquiries from a wide range of local and off-shore developers, and that reflected the strength of not only the Moonee Ponds market, but the northern suburbs in general," Mr Radisich said.

The property is located within close proximity of Moonee Ponds Central Shopping Centre, public transport, lifestyle amenities and education facilities, and offers excellent frontage and site access.

Mr Heatherich said the local area was undergoing rapid growth with apartment development sites keenly sought after.

"Moonee Ponds has long been a popular centre and it continues to attract new residents looking for a home in an area which offers all essential amenities within close proximity of the CBD," Mr Heatherich said.

The vendor was a local private developer.

 

About Savills

Savills is a global real estate services provider listed on the London Stock Exchange. Savills operates from over 700 corporate and associate offices, employing more than 30,000 people in over 60 countries throughout the Americas, the UK, Europe, Asia Pacific, Africa and the Middle East, offering a broad range of specialist advisory, management and transactional services to clients all over the world. www.savills.com.au or www.savills.com. 

Follow @SavillsAus for the latest Australian and global real estate news and research.

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