Kew land up for grabs again as $16m sale falls through

46 & 48 Wills St, Kew is back on the market.
46 & 48 Wills St, Kew is back on the market.

A parklike block of land in Kew that sold for $16 million last year is back on the market after the sale fell through.

The property at 46 and 48 Wills St was meant to settle a few weeks ago but did not, with the vendors keeping the deposit and putting it back on the market for $14-$15 million.

There is now an expressions of interest campaign for the 5295sq m block, closing October 14.

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RT Edgar Toorak agent Mark Wridgway said the vendors were naturally disappointed the settlement did not go through.

The land has city skyline views.

“The purchasers had done a lot of work to get a planning permit for a six-lot subdivision and it runs with the land so the next purchaser can use it if they want,” Wridgway says.

He says there are density restrictions on the land but feedback from buyers includes developing up to 13 dwellings and doing a combination of different style properties.

The property, which neighbours Yarra Bend Park and looks like a park itself, last changed hands for $415,000 in 1990, according to CoreLogic data.

This view could be yours.

Wridgway says there are quite a few trees on the site but believes they will add value if worked around.

“There are a multitude of options, we already have one relatively local developer looking at it,” he says.

The property has 118m frontage to Wills St and views of the neighbouring park and the city skyline.

This article from Leader Newspapers originally appeared as “Kew land back on the market after $16 million sale fell through”.