A major residential development opportunity in Melbourne’s east is coming to market, with a large-scale Ferntree Gully site expected to attract strong interest from developers and institutional buyers seeking exposure to one of the city’s most tightly held growth corridors.
Being sold by a private developer, the 7.55 hectare* site at 29 Norvel Road is expected to fetch in the vicinity of $60 million and offers significant potential for a master-planned residential community with approval for 138 residential lots and a total Net Saleable Area (NSA) of 52,974 sqm*. There is also flexible potential for alternative uses such as aged care & retirement living (STPA).
Joe Kairouz, Hamish Burgess and Leon Ma of Cushman & Wakefield are appointed to sell the site and said enquiry levels had already been strong due to strong population growth, local amenity, and demand for quality housing in Melbourne’s outer-east.
“We’re seeing solid interest from a mix of established residential developers, fund-backed groups, and local syndicates who recognise the scarcity of well-located residential land of this scale in Melbourne’s east,” Joe Kairouz of Cushman & Wakefield said.
“The buyer profile is skewing toward groups focused on delivering a master-planned, large-scale subdivision - either through lot sales or house-and-land packages - to bring new housing diversity to the area.”
The project is substantially de-risked and offers a rare chance to deliver a large-scale master-planned community in Melbourne's tightly held and highly connected eastern corridor.
Hamish Burgess of Cushman & Wakefield said the location was proving a key drawcard. “Ferntree Gully sits within a well-established catchment surrounded by schools, transport links, and retail amenity,” he said.
"This site represents Melbourne’s premier residential infill development opportunity; an exceptionally rare landholding of this scale, offering immediate access to key infrastructure and lifestyle amenities, ideally positioned for a landmark residential project."
The listing comes amid strong underlying demand for new housing across Melbourne’s east, driven by population growth, limited supply, and ongoing affordability pressures in inner suburbs.
Offering excellent connectivity via Boronia and Ferntree Gully train stations, with seamless access to Burwood Highway and Eastlink, this location is close to major amenities including Westfield Knox, Mountain Gate Shopping Centre, Ferntree Gully Village, the Dandenong Ranges National Park, and a growing array of popular cafes and eateries
Cushman & Wakefield expect the campaign to generate competitive bidding as developers look to replenish pipelines in established growth markets.
29 Norvel Road, Ferntree Gully for sale via Expressions of Interest (EOI), closing Thursday, 4 December 2025 at 2PM (AEDT).
For more information, please contact:
- Joe Kairouz +61 421 430 638
- Hamish Burgess +61 421 641 497
- Leon Ma 马海翔 +61 417 070 725
