Developer snaps up Ascot Vale site in Melbourne for $3.33 million through Savills
A local developer has snapped up a development site for $3.33 million in Melbourne's Ascot Vale in a private sale through Savills Australia.
The 147-149 The Parade property sold at a robust land area rate of $2,060 a sqm.
The 1617 sqm property, zoned General Residential 1, is close to shops and public transport.
Improvements include a single level, residential duplex.
The sale was negotiated by Savills’ Julian Heatherich, Jesse Radisich and Benson Zhou.
Heatherich said the location had easy access to Melbourne CBD and with its three street frontages was very attractive to developers.
"This is an ideal site for both townhouse or apartment development and that was acknowledged by the very high level of enquiry from developers looking to capitalize on the demand from both investors and owner-occupiers," Heatherich said.
The vendor was a local investor.
