Residential developer snares Ivanhoe project site
A local developer has purchased an Ivanhoe site for $3,557,000.
The property which is located on a corner land parcel of 1,350 sq m is set to be turned into a luxury residential project.
Located at 20 Lower Heidelberg Road, the campaign generated 5 offers to Julian Heatherich and Benson Zhou of Savills Australia.
"It was a residential developer who was willing to pay top dollar," Heatherich said.
“With the tightly held nature of Ivanhoe and the strength of the residential market, developers moved aggressively to add this site to their pipelines, with limited sites being offered in the inner northeast,” Heatherich noted.
The vendor was prepared to offer up to 18 months delayed settlement terms.
There had been interest from owner occupiers for the house, along with interest from child care groups from the site with frontage of 72 metres to Lower Heidelberg and Waterdale Roads.
It came with a flexible General Residential Zone 1 zoning.
Residential construction activity in the suburb has included work on Valia, at 59 Upper Heidelberg Road, with prices starting from $1,220,000
The 14 residences have a late 2022 completion date.