Plenty development site sells after competitive campaign

A 3.71-hectare* development site in Melbourne’s north-east has sold for circa $9.35 million following a competitive Expressions of Interest campaign that attracted multiple offers and concluded with two unconditional bids. 

The 29-47 Memorial Drive, Plenty property was acquired by a local private developer from a private family. 

The campaign generating interest on a range of settlement terms, from traditional acquisition structures through to development management arrangements, before the first and second rounds of the EOI process culminated in two unconditional offers on differing commercial terms. 

The successful purchaser ultimately secured the property on a 120-day settlement, highlighting the depth of demand for large-scale development opportunities in established Melbourne residential markets. The site was sold through Joe Kairouz, Cameron Zamora and Hamish Burgess of Cushman & Wakefield.  

Cushman & Wakefield’s Joe Kairouz said the competitive campaign demonstrated that developers remained prepared to compete for well-located sites with genuine scale and flexibility. 
“Multiple offers for a site of this scale are a strong result and reflects the depth of capital that remains available for quality residential development opportunities. 

“What was particularly encouraging was the diversity of the proposals we received. Buyers were looking at different structures and development outcomes, but ultimately, we were left with two unconditional offers, which created genuine competitive tension and helped drive the final result. 

“Developers are being selective, but there is still strong appetite for sites where the underlying residential fundamentals, location and longer-term development potential stack up.” 
The property comprises 37,104 sqm* of land with 167.6 metres* of frontage to Memorial Drive and is zoned Neighbourhood Residential Zone Schedule 1. It was marketed as suitable for residential, retirement living, aged care, healthcare and other lifestyle-based development outcomes, subject to planning approval.  

Cushman & Wakefield’s Cameron Zamora said the scarcity of comparable infill sites had been a key driver of buyer interest. 
“Large development sites within established residential catchments are becoming increasingly difficult to secure, and that scarcity was evident throughout this campaign. 

“The site combines scale with an elevated position, proximity to Plenty Gorge Parklands and an established high-value residential catchment, giving the purchaser a number of potential pathways for the property. 

“We’re continuing to see developers prioritise sites where they can deliver quality residential product into established markets with proven owner-occupier demand, rather than relying solely on future population growth.” 
The site is one of the largest remaining infill development opportunities in Melbourne’s northern suburbs and sits within an established residential catchment where replacement opportunities of comparable scale are limited.  

Plenty has a median house price of approximately $1.72 million, while nearby Yarrambat has a median of approximately $2.4 million, supporting the premium residential fundamentals surrounding the site.