A development site in Bayswater has been snapped up for $3.418 million, demonstrating significant demand for land in Melbourne’s east.

Savills Australia’s MingXuan Li, Julian Heatherich and Glenn Ye brokered the deal for 644-646 Mountain Highway on behalf of a local private group.

“Savills Melbourne were able to gain significant interest in the property through our Asian services capability,” Mr Li said.

“More than 5 offers were generated through our market leading developer database and direct targeting to known buyers,” he said.

Mr Li continued to say the site presented an ideal opportunity to capitalise on Bayswater’s booming population.

“Bayswater is a strong indicator of buyers’ steadfast demand for sites with strong development potential in proven locations, particularly in Melbourne’s established east.”

The 2,514sq m site has an extensive 38 meters of frontage and will suit outcomes of apartments, townhouses or a childcare facility.

The deal was negotiated via a private sale with the purchasers being an Australian and Chinese developer.

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