110 Elizabeth Drive, Rosebud represents a significant corner landholding of 24,412sq m with extensive dual street frontage on both Elizabeth Drive and Rosebud Avenue.

The site benefits from convenient access to Mornington Peninsula Freeway, and offers a range of potential development outcomes (STCA) for the purchaser.

Savills Australia agents Julian Heatherich, Benson Zhou, and Mark Stafford negotiated the deal via private sale, achieving a strong land rate of $262 per square metre.

“Given the size of the property and its position along Victoria’s tightly held Mornington Peninsula, 110 Elizabeth Drive was met with strong interest from the developer market,” said Mr Heatherich.

“Ultimately Piermont Group was able to secure the property, appreciating the true potential of the landholding.”

For Piermont Group, this purchase follows a wave of success developing on the Mornington Peninsula, including 41 Hove Rd, Rosebud, a prime development featuring 8 luxury townhouses, and 30 Rosebud Ave, currently underway.

“2020 is turning out to be an especially active year for the developer market,” said Mr Heatherich. “Aside from having transacted 110 Elizabeth Drive this month as well as many other development sites last year, we have multiple properties currently under contract.”

“Off the back of receiving significant pre-sales in a very short period of time for another Rosebud project, Piermont Group came across this site with assurance,” said Warren Trewin of Piermont Group. “The acquisition of this site made sense to us. The market is strong and it supports our mandate to keep delivering high quality projects on the Mornington Peninsula.”

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