Located at 38-56 Vermont Ave, the vacant site is zoned General Residential Zone 4 suiting a variety of development outcomes (STCA) and boasts triple street frontage.

The deal was negotiated by Julian Heatherich, Benson Zhou & Nick Garoni of Savills Australia.

The sale result represented a price over $1 million over reserve with the land market continuing to outperform expectations right across Melbourne’s growth areas and Victoria’s major regional cities.

Mr Heatherich said that enquiry on large scale development sites has increased substantially toward the end of 2021. “As many developers close out on current major projects, and with limited sites being offered to market throughout the pandemic, the quantity of enquiry and underbidders on development sites has increased significantly in Q4 with an increasing number of developers looking to add to their pipelines for 2022”

“Infill sites suitable for townhouses and residential subdivision, continue to be hotly contested within the current market, sustained by strong demand for the finished project, particularly from first homeowners”

*Approximate