An overseas syndicate of developers has snapped up a high-density development site (STCA) at Vermont South in Melbourne's east for $8.5 million.
The 5,207sqm site is on three titles at 431-439 Burwood Highway, Vermont South and was sold in an off-market deal by Ray White Glen Waverley on behalf of a long term owner.
Commercial Manager Ryan Trickey said the purchasers were a syndicate of local and Chinese interests who have plans to redevelop the site with a mix of residential apartments with more than 100 residential units.
“This high profile development site is ready to be transformed with zoning in place for up to four levels of apartments (STCA),” Mr Trickey said.
“The site is centrally located in a well-known growth corridor approximately 20km east of the Melbourne CBD.
“The property is on a main road and flanked by a wide range of shopping centres, schools, universities, a freeway and public transport. Seldom do opportunities exist for redevelopment opportunities of this size in this area.
“It offered a wonderful opportunity for a developer in a strengthening market.
“The sellers are a syndicate who have owned the property for more than 30 years and they are looking forward to seeing something special constructed on that site to bring more people to the local community.”