Melbourne based property investment specialist OpenCorp has paid $6.55 million for a residential site with plans for a new apartment development at Hawthorn East in Melbourne's inner-eastern suburbs in a deal brokered by Savills Australia.

According to selling agents, Savills Julian Heatherich, James Lockwoodand Jesse Radisich, the 757-763 Toorak Road property attracted very strong interest from developers looking to take advantage of Melbourne's burgeoning apartment market.

'This was an exceptional site offering developers great flexibility and site access as well as main street exposure in one of Melbourne's most sought after inner suburbs and within easy reach of all essential amenities.

'With more than 80 enquiries and numerous submissions, the response from the market during the campaign absolutely reflected those very desirable attributes,' Mr Heatherich said.

The property comprises four individual residential sites sold as one, to offer a 1,595 square metre, Mixed Use site ideally suited to apartment development with nearly 40 metres frontage to Toorak Road and secondary access via a rear laneway. A development concept plan for the property includes 52 large apartments and two retail spaces.

The properties are located amidst a high level of retail and transport amenity, including Tooronga Village Shopping Centre and railway station and the Monash Freeway, and within close proximity of several highly regarded schools.

Mr Heatherich said a conservative estimate of the market values of the four individual lots suggested the value of the property sold as a whole had appreciated by around 50 percent.

'Again, astute home owners are realising the outstanding benefits of pooling their resources in these composite offerings to what is an extremely robust residential development market,' he said.

Savills plc issued this content on 05 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 05 February 2016 01:16:58 UTC

Original Document: http://www.savills.co.uk/_news/article/110560/142355-1/02/2016/vic-roads-apartment-site-sells-for-$6.55m