A permit approved development site in Melbourne’s South East has sold on a remarkable 14 day settlement period, further highlighting the strength within the market for high quality development opportunities.

Savills Australia’s Jesse Radisich, Nick Peden, Clinton Baxter and Benson Zhou brokered the deal for 222 Burke Road, Glen Iris, following a competitive expressions of interest campaign.

“The sale campaign generated immense interest and continues the trend of robust competition being shown for luxury projects throughout premium Melbourne suburbs,” Mr Radisich said.

Sold to a local developer with an approved permit in place, Mr Radisich says the 14 day settlement is extremely unusual for a property of this nature.

“The 14 day settlement period is almost unheard of for the sale of a development site. Coupled with the very strong land rate of $5,398 per sqm and a rate per unit of $343,750, this really is an exceptional result” he said.

“The site was originally purchased last year with an approved permit for $4.45 million, and the Savills team was able to secure a $1,050,000 uplift in price and a 24 percent premium for our clients, Mr Peden said.”

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