Moreland City Council has purchased a 4,364sq m block of land in Coburg North for $3.9 million, as demand for premium development opportunities escalates throughout Melbourne’s inner-northern suburbs.

Savills Australia’s Julian Heatherich, Benson Zhou and Dorothy He negotiated the deal for 2 Spry Street, saying they received significant interest throughout the expressions of interest campaign.

“We received more than 85 enquiries from both local and offshore developer groups that were considering smaller, low density development outcomes given the previous planning rejection from VCAT,” Mr Heatherich said.

He went on to say that even though the recent planning setback prohibited good developed outcomes for the zoning, the exceptional position was still a significant drawcard for experienced developers.

“The secluded block of land on the banks of Merri Creek was ultimately snapped up by Council as a part of their open space initiative,” Mr Heatherich said.

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