A Melbourne based developer has paid $3.7 million for a consolidated Bentleigh development site with the potential for a higher density residential project.

According to Savills Julian Heatherich and Jesse Radisich, who brokered the deal, the 17-19 Loranne Street property sold at the strong rate of $2,647 a square metre.

Located within a Residential Growth Zone the property comprises a 1,398 square metre site with 32 metres frontage providing excellent site development site access.

Mr Heatherich said the property was in one of the most popular inner suburban bayside locations for consolidated residential development sites.

“Bentleigh, with its excellent level of lifestyle and retail amenity, access to public transport and key arterials, and close proximity to the CBD, continues to provide opportunities for development.

“The demand from apartment buyers has been a key driver and, with Melbourne’s population growth continuing to exceed all other capitals, that demand appears likely to remain,” Mr Heatherich said.

Mr Radisich said the property had attracted strong interest from developers.

“The property generated considerable interest from a wide range of local, national and off-shore developers and that reflected the prime location in one of Melbourne’s favorite residential development suburbs,” Mr Heatherich said.

The vendors were two private residential owners.

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