A Bayside development opportunity has been snapped up by developers for $3.7 million, equating to a strong selling rate of $2,647 per sqm.
The site, located at 17-19 Loranne Street, Bentleigh covered approximately 1398 sqm and boasted a 32 metre frontage.
The deal was brokered by leading Melbourne agents, Julian Heatherich and Jesse Radisich of Savills whom said the property had appealed to developers given the potential for a high-density project along with the location and popularity of Bentleigh as a residential suburb.
“Bentleigh, with its excellent level of lifestyle and retail amenity, access to public transport and key arterials, and close proximity to the CBD, continues to provide opportunities for development,” said Julian.
“The demand from apartment buyers has been a key driver and, with Melbourne’s population growth continuing to exceed all other capitals, that demand appears likely to remain’’.
The vendors were two private residential owners.
