Savills News

Ormond land sells for $2.2 million as buyers race to secure residential sites

A local developer has snapped up a prime 1,040sq m residential development site in Melbourne’s coveted bayside suburb of Ormond for $2,200,000 amid a rush of interest from over 50 developers eager to secure the rare landholding.

289 Grange Road is a vacant residential site within walking distance of the North Road Retail Strip. The property has a 24 metre frontage to Grange Road and is only a short drive from the thriving Centre Road Retail Strip, Chadstone Shopping Centre, Southland Shopping Centre, abundant public transport, and Melbourne’s most elite schools.

Savills agents Nick Peden, Jesse Radisich and Benson Zhou negotiated the deal via Expressions of Interest, achieving a land rate of $2,115 per square metre.

Mr Peden said numerous buyers were attracted to the site’s exceptional development potential given the recent uplift in Melbourne’s residential sector, creating a scarcity of prime opportunties in the area.

“With a resurgent residential market, vacant land is in high demand, particularly within exclusive suburbs such as Ormond,” he said.

“We had interest from a range of developers seeking to build apartments and townhouses on the site, with the eventual buyer being a local developer.”

Learn more about Savills Metropolitan & Regional Sales.

Recommended articles