As many as 400 dwellings are set to be built in south east Melbourne with the listing for sale of one of the few remaining large scale development sites in the area.
The Villa Road “super site” has been listed for sale on behalf of St Hillers Funds Management Ltd with CB Richard Ellis appointed to sell the site.
CB Richard Ellis’ Justin Clarkson said the sale campaign was expected to attract significant developer interest given continued strength in the Melbourne residential market and the scarcity of infill sites of such scale in established markets.
The 7.2 hectare island site was recently rezoned to a Residential 1Zone and part Mixed Use Zone which provides the opportunity for medium and high density development with associated retail space.
"This is an outstanding "infill" development opportunity and represents one of the few remaining large scale residential development sites within this popular and established precinct," Mr Clarkson said.
"The Greater Dandenong municipal area has seen some of the largest increases in median house prices in recent years, reflecting the fact that fewer new houses are being developed whilst demand continues to increase."
CB Richard Ellis’ David Robertson said the property's prime location, some 20 kilometres south east of the Melbourne CBD and no more than one kilometre from Springvale and Westall Railway Stations, was expected to underpin developer interest in the sale campaign.
"A development of this scale within an established middle ring metro suburb with facilities and services already available is unique to this site and is unlikely to be repeated in the near future.”