Neighbours to net millions from Ivanhoe supersite

20 Lower Heidelberg Rd & 95 Waterdale Rd, Ivanhoeis on the market for $6-$6.6 million.
20 Lower Heidelberg Rd & 95 Waterdale Rd, Ivanhoeis on the market for $6-$6.6 million.

Two Ivanhoe residents who have teamed up to sell their homes as one could soon become multi-millionaires.

The next-door neighbours who have lived at their homes for nearly 20 years have placed their properties at 20 Lower Heidelberg and 95 Waterdale roads on the market for $6-$6.6 million.

The offering of two large houses on a combined 2390sq m corner block nestles in a coveted pocket near Ivanhoe Grammar School, shops and public transport.

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Savills Australia’s Jesse Radisich says the owners decided to sell together to capitalise on the strong developer demand in the tightly held suburb.

“Ivanhoe is a premium suburb where major development opportunities are extremely hard to come by,” he said.

Radisich pointed to the 5175sqm property next door at 24-26 Lower Heidelberg Rd, which was snapped up in late 2017 for $14.5 million by a Chinese developer who planned to build luxury apartments on the site.

Since that sale, only four other residential development sites of more than 1000sqm have sold in Ivanhoe.

“This is a clear demonstration of the rarity of significant opportunities offered to the market and an indication of the high demand in the area,” Radisich says.

20 Lower Heidelberg Road & 95 Waterdale Road, Ivanhoe is in a prized locale.

He says the property for sale at 20 Lower Heidelberg and 95 Waterdale roads, with a combined 142m street frontage and rear laneway access, represents good value.

“It is a large corner block with three street frontages,” Radisich says.

“In addition to being priced very reasonably, the vendors are offering extended settlement terms which is of great appeal to developers.”

On the market for about a week, the property has already attracted local and overseas interest, with 50 registered parties reviewing the opportunity.

Savills’ Julian Heatherich says the prominent landholding presented developers with the opportunity to deliver a project of significant scale.

“Interested parties are currently assessing various outcomes including luxury townhouses, apartments and even aged-care options,” he says.

Radisich says the redevelopment was likely to have a positive impact on local retailers, businesses and schools.

Luxury developments in the area also provide an option for local downsizers wanting to stay in the area and live in lower maintenance homes, he adds.

This article from Leader Newspapers originally appeared as “Ivanhoe neighbours join forces to cash in on developer demand”.