A VicRoads site in Brimbank spanning 8.78 hectares was snatched up by a Chinese developer for $11.67 million in a deal brokered by Savills.
The 80a and 80b Oakwood Road, Albanvale property adjoins Brimbank Shopping Centre, has two street frontages totalling 225 metres, and is zoned General Residential providing for a range of development options, however the site has a number of easements and non-developable areas which leave a developable area of circa 4.5 hectares.
The area is one of Melbourne’s key growth corridors, according to Savills' Julian Heatherich, Jesse Radisich and Nick Peden.
Savills' Julian Heatherich said it was likely the new owner would pursue a townhouse development given surrounding uses and the demand for housing in infill sites.
"The demand for housing in established centres, particularly next door to a shopping centre and with public transport and other amenity including recreation and education facilities already in place, is enormous," he said.
"For developers it is a dream opportunity and one which has obviously driven a very strong market response with multiple offers and very strong result for the vendor."According to the latest ABS data Melbourne has four of the five fastest growing regions in the nation and a population of 4.64 million to December 2016.
Brimbank is Melbourne’s third most populous municipality with a predicted increase in the number of dwellings of 11.6 per cent over the next 20 years while house prices in Albanvale have risen more than 30 per cent in the three years to January.
Savills' Nick Peden said demand for development sites was at an all-time high right across Melbourne.
"With Melbourne’s population growth continuing to outstrip all other capitals, and talk of Melbourne being on track to attaining the title of Australia’s most populous capital, developers are keen to grab any opportunity which comes to market.
"Whether it’s infill sites, suburban fringe sites or even landbanking opportunities, the prospects for residential development in Melbourne are generally regarded as virtually bullet-proof within the development community,’’ Mr Peden said.