Land collection listed in Melbourne's Ivanhoe East
The Melbourne suburb of Ivanhoe East is set for two sizeable land parcel sales with one 15,000sqm site having been 'collected' for 26 years.
On parcel of land, 14 Ivanhoe East, bordered by The Boulevard, Wamba Road, Wilfred Road and Cedric Street, is expected to sell at around $30 million.
According to title records they are owned by Stuart Morris, QC, and his wife Jennifer who purchased the land over 26 years.
In 2006 he attempted to develop eight blocks into a $21.5 million 92 unit retirement village which was met with a backlash from residents.
Colliers International’s Jeremy Gruzewski and Ted Dwyer have the listing.
Mr Gruzewski said the land parcel is rare, not only for its substantial size, but also because it is not affected by registered single-dwelling covenants, significant landscape overlays, or heritage controls, which affect much of this highly regarded suburb.
“With so much of Ivanhoe East under these planning controls, this supersite is an exception and represents a significant parcel of land ripe for redevelopment,” he said.
“With a median house price of $1.7million, Ivanhoe East is regarded as one of Melbourne’s finest suburbs and any redevelopment is bound to achieve premium prices.
“The four street frontages and parkside locale, just moments from East Ivanhoe village, make this a tantalising prospect for high-end apartment, townhouse or even retirement living.
“It is hard to put a value or a price on such a rare and unique offering that is probably never to be repeated.”
