Old quarry site development: Sienna secures $14 million in sales


The fifth stage of Melbourne's residential community development

Sienna Mount Waverley  has sold out just five months after being released to the market, totalling nearly $14 million in sales.

Developed and constructed by

Five Squared Property Group on behalf of the

Chain Group, Sienna is a 118-lot development on an old quarry site located on Highbury Road.

Launched in 2009, Sienna is an award winning nine-stage development featuring three and four-bedroom homes overlooking playgrounds, parks and walking paths.

Jade, the project’s fifth release, comprises 17 architecturally-designed double storey four-bedroom homes priced from $815,000 to $858,000.

Mount Waverley is in high demand, according to recent statistics with approximately 43 people looking at each property for sale in the suburb. This is more than double the state-wide average of 20.

According to Five Squared Property Group co-founder Ashley Lewis, the education facilities in the area are a major draw card for buyers.

“Mount Waverley Secondary College has become one of the top public high schools in Melbourne, and Sienna is also located close to Wesley College and Deakin University, so a lot of our buyers are families looking to provide their kids a high quality education,” said Mr Lewis.

“The positive market conditions for home buyers have also played a huge factor in demand. It has taken us half the time to sell our Jade release than our previous stages.”

“Over the last couple of years, we’ve seen buyers sit tight because of economic uncertainty, which meant it took us anywhere from nine months to a year to sell each release. The response to Jade is clearly a sign that people are feeling comfortable to make a long term investment for their family,” he said.

The centrepiece of Sienna is a spectacular lake reserve featuring a sculptured waterfall and stone wall.

The development also links to the adjoining Tally Ho Village walking paths and the Tally Ho Reserve.

“Sienna has started to really take shape as a community. More than 50 families have already moved in,” said Mr Lewis.

Sienna is located just 16 kilometres from the city and minutes from the Monash Freeway and Eastlink.

Construction on stage five, Ambre has commenced and is due to be completed by September this year. Amber will feature 15 four-bedroom homes, with a limited pre-release of five homes launched this week.

Construction on the entire development is due to be completed by end of 2015.

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