Half-finished Melbourne development site up for grabs…just add a road
A mega-sized chunk of land in Glenroy so big that developing it will require a new road to be built is expected to set a multimillion-dollar benchmark for the suburb.
The 1.847ha allotment at 111-115 Augustine Tce is already bisected by a road, but needs another added to access a series of nine townhouses already built on the site.
CoreLogic records show its $5.5-$6 million price guide would make it the suburb’s most expensive residential development site to date.
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Eview Group Claudi Marwan director Marwan Abdulwahed estimated the nine two-bedroom townhouses would be worth $550,000-$600,000 each once sold.
“The nine townhouses are more advanced than lockup, all the floors are in and the plaster is in, and the tiling is done in the bathrooms,” Mr Abdulwahed said.
“It’s more the roads and access to the units to be done.”
With an additional seven slabs poured, Abdulwahed says there is room for even more development at the site.
“There’s room for substantive further development,” Abdulwahed says.
“It’s a potential gem of a site, it just needs the right person to come along and roll their sleeves up.”
With sought-after views across parkland to Gowanbrae, the site has already attracted interest from major developers across the state, as well as several operators from the local area, he says.
Once roads were installed, high demand for new homes in the suburb would lead to rapid sales of the existing townhouses.
“I don’t think there’s been any project like this in the Glenroy area,” Abdulwahed says.
CoreLogic records show the previous high water mark for a residentially-zoned property in Glenroy was the $1.8 million sale of a 1249sq m allotment at 9 Murrell St earlier this year.
A 6.27ha retirement village at 16-24 Box Forrest Rd sold for $19,763,525 in 2015.
The huge development site goes under the hammer at noon on December 5.
This article from the Herald Sun originally appeared as “Glenroy mega block that needs its own road set to smash record”.