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International developer purchases premium Doncaster development site

People & Companies / Latest News

Australia / Melbourne

May 01 2018

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A Chinese developer has purchased a permit-approved development site located in the suburb of Doncaster, as land rates in Melbourne’s east continue to grow.

Savills Australia’s Benson Zhou, Julian Heatherich and Dorothy He sold the 1,337sqm property at 26 & 28 Bordeaux Street for $3.775million, saying the campaign generated considerable interest with more than 120 individual requests for information. 

“The property was popular among local and off-shore developers due to its premium upcoming location, surrounded by a range of retail amenity and transportation services,” Mr Zhou said. 

Mr Zhou said the corner site fuelled significant competition among buyers, despite the slowing market sentiment within Doncaster. 

“The heated public auction started at $3.5million and saw both local and international developers bidding and pushing the price to a high $3.775million, surpassing the current market land rate,” he said 

The site is located 13 kilometres north-east of the city and situated on one of the highest points in Melbourne, offering potential through development for uninterrupted views towards the CBD. 

 “A short walking distance from Westfield Doncaster Shopping Centre, the site offers convenient access to retail and recreational facilities,” Mr Zhou said.

The site has a recently approved permit for 10 large townhouses and includes two single-storey houses in good condition throughout. 

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