Melbourne - 26th February 2022. A rare development opportunity on 4.11 acres of residential land in one of Melbournes popular middle ring suburbs, Wheelers Hill has just hit the market. This premium landholding corners Ferntree Gully Road and Jells Road and spans almost 230m of frontage. The property is being sold by Dominic Gibson and James Latos of Melbourne Acquisitions.
“This is certainly one of largest infill development opportunities to be offered in the metropolitan middle ring market in recent years.” says Mr. Gibson. “We’ve sold several high profile development sites over the summer period and this site will arguably be the best to be offered in the eastern suburbs this year.” Mr. Latos added, “Our research shows there are less than 5 residential sites above 1 hectare left in this LGA.”
Wheelers Hill is located approximately 20km from the CBD and has experienced a compounded growth rate of almost 6% for houses and more than 8% for units over the last 5 years.The median price now stands at $1.371 million. It has easy access to the M1(Monash Freeway), Eastlink and public transport as well as major retail shopping centres, the renowned Jells Park, Caufield Grammar, Monash university and hospitals.
“This is a prominent landmark site that offers flexibility to an incoming purchaser” Mr. Gibson noted.
The flexible residential zoning and prominent corner offer an opportunity to inject a much needed supply of housing to this high demand area located only 20km from the CBD in Melbourne's largest suburban employment area.
“Rarely do we see a property of this size offered by way of auction. This demonstrates the vendors are genuinely committed to achieving a sale and we’re looking forward to seeing a result on the day.” Stated Mr. James Latos
The offering is on an elevated block that enjoys panoramic views of the Dandenong Ranges, Jells Park and surrounds. It will be auctioned on Thursday 24th March 2022 at 12.30pm AEST (unless sold prior)
For further enquiries contact:
Dominic Gibson
https://www.developmentready.com.au/agencies/melbourne-aquisitions/agent/dominic-gibson
https://www.developmentready.com.au/agencies/melbourne-aquisitions/agent/james-latos
Melbourne Acquisitions is an independent real estate agency specialising in the acquisition and divestment of development sites and investment sales, leasing and asset management throughout Victoria. They are experts in commercial, industrial and retail markets with experience that spans across many asset classes including apartments, town houses, land subdivision, build to rent, retirement/aged care, medical and childcare. https://www.melbourneacquisitions.com.au/
