Townhouse and childcare developers battle it out for a prime McKinnon landholding

18 April 2024

Gross Waddell ICR, with First Valuation Group as transaction advisor, are thrilled to announce the successful sale of 92-100 Wheatley Road, McKinnon following a highly competitive Expressions of Interest (EOI) process. This sale was a pivotal transaction for a non-profit organisation who has utiliised the existing facility since its construction in 1980’s.

Gross Waddell ICR agents Danny Clark, Michael Gross and Glenn Ye, with Mark Ruttner from First Valuation Group, coordinated the important transaction and achieved $6,075,000 for the vacant Neighbourhood Residential Zone parcel.

The property garnered significant attention from a myriad of townhouse, childcare and medical developers, resulting in a robust bidding process that saw a total of 13 offers being submitted. Ultimately, the property was acquired by a prominent builder/ developer who has plans for a premium residential development.

Danny says “This sale underscores the enduring appeal and strong market demand for premium properties within the inner ring of Melbourne. With its prime location and potential for either townhouses or childcare, 92-100 Wheatley Road attracted keen interest from various stakeholders seeking to capitalize on the thriving locale and McKinnon Secondary school zone”.

Boutique development sites such as this seem to be the flavour of the month with Gross Waddell ICR also selling a similar zoned site at 8 Mackie Road, Bentleigh East for approx. $3,600,000.  

The sale price of $6,075,000 reflects the high value placed on this exceptional property, while the land rate of $1,985 per square meter further highlights its desirability and development potential.