Glen Waverley site sells for $23 million
A prized major infill site at Glen Waverley in Melbourne’s east has been sold for $23 million.
The 583 Ferntree Gully Road property comprises a 16,470 square metre site zoned General Residential with 161 metres street frontage.
Located between the Monash Freeway and Springvale Road and opposite Brandon Park Shopping Centre, the property is currently utilised as an early childhood education centre.
The child education centre is run by the vendor the not-for-profit, bestchance Child Family Care, which will continue to provide childcare services from the retained portion of the site.
CBRE Director Investments, Mark Wizel managed the expressions of interest campaign with Julian White and Chao Zhang in conjunction with Vinci Carbone Property.
According to Mr Wizel, the result was not a surprise despite COVID-19 concerns.
"What we do know is that there is a significantly large group of developers looking at new opportunities – the strong response to the campaign bore that out – with the knowledge that underlying fundamentals including population growth will ultimately drive demand for new product.
"The key here was a site with enormous development potential in one of Melbourne’s most dynamic residential growth zones which has seen an extraordinary 16 per cent growth in the median house and unit price over the 12 months to February,’’ Mr Wizel said.
Mr Wizel said while the commercial property market was likely to continue to see asset sales even in the depths of the global health crisis.
Due to a confidentially clause the developer’s name could not be disclosed.
