Waterfront Development Site Hits the Market

With summer just around the corner, a rare waterfront development opportunity in Queenscliff has been launched to the market by RPM Real Estate Group.

Located at 61-75 Murray Road, the 9,509sq m site is offered with a Council-endorsed development plan for a 13-lot residential development.

RPM are managing the sale on behalf of The Borough of Queenscliff, one of Victoria's smallest municipalities, which covers the blue-chip coastal towns of Queenscliff and Point Lonsdale.

RPM director Christian Ranieri said the Murray Road site, which has been in council ownership for almost 40 years, is a rare commodity in an area where all of the remaining waterfront land has been developed.

“Queenscliff is a special place, highly coveted by its residents—homes are passed down through generations and so the opportunity for a developer or builder to deliver 13 new homes to this highly sought-after market will generate a great deal of interest,” Ranieri said.

“The site is conveniently located between the town centres of Queenscliff and Point Lonsdale, with each less than 5 minutes' drive away.

“It's an easy walk to the beach as well which makes it the perfect location for holiday homes and those seeking a sea-change,” Ranieri said.

RPM Transactions and Advisory head of strategy Tim Hyland said the strength of the Bellarine Peninsula property market is one of the site's key selling features.

“The coastal towns of the Bellarine are firmly on the radar of Melbourne buyers and this is driving prices upwards,” Hyland said.

“Queenscliff's median house price is quickly approaching $900,000 while nearby Barwon Heads recently eclipsed the $1 million median mark.

“Compared with the Mornington Peninsula mainstays of Portsea and Sorrento just across the water, the Bellarine is a very attractive proposition.”

Extending 30km east of Geelong, the Bellarine Peninsula is a largely rural area surrounded by Bass Strait to the south, Swan Bay and Port Phillip Bay to the east and Corio Bay to the north.

In recent years, the Bellarine has become known for its high quality produce and award winning wineries which rival the famous Yarra Valley and Red Hill regions. Jack Rabbit Vineyard, Terindah Estate, Scotchman’s Hill and Oakdene are among those attracting crowds to the region.

Strength in the market

Over the last two months, RPM's Transactions & Advisory team have sold $75 million in development sites in growth areas of Melbourne, in addition to a further $150 million of significant transactions currently under due diligence, forecast to complete by December 2019.

Ranieri said these transactions, a mix of both on and off-market deals, reflect a significant return of confidence to Victorian englobo development site market.

With strong economic fundamentals continuing to support growth within Victoria, local and off shore developers are seeking opportunities to shore up future supply to meet demand for housing.

“With limited opportunities available for immediate development, competition for opportunities remains very high with developers now having to secure sites well in advance of planning and or amalgamate multiple sites to ensure suitable scale for their business in the future,” Ranieri said.

The Queenscliff site is for sale by expressions of interest closing Thursday 5 December, 2019. The site is being marketed by RPM agents David Schnall and Zaynoun Melhem.

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