A block of land in a residential zone at Sunshine North is expected to fetch nearly $2 million when it goes under the hammer next month.
The Real Estate Institute of Victoria says this sum, if achieved, would be comparable with some recent sales, but the offering itself was quite rare for the area.
The real estate agent handling the sale told Star Weekly a smaller site nearby without a planning permit had sold for more than $2 million.
Located in the highly regarded River Valley residential estate, the 3904-square-metre Sunshine North site will go to auction on December 9 at 2pm.
Sutherland Farrelly agent Paul Sutherland said the land, associated with the McGrath Place development, had a planning permit for 13 double-storey dwellings and was expected to sell in excess of $1.8 million.
“The site provides an outstanding development opportunity in an emerging residential precinct. The site next door sold for $2.23 million,” Mr Sutherland said.
“It was smaller and didn’t have the benefit of an existing planning permit.”
Real Estate Institute of Victoria spokesman Paul Bird said the forthcoming sale was quite rare.
“There have been very few sales at this level in the local area in recent times,” he said.
“One [exception] was a $2.2 million auction sale in St Andrews Drive this year for a multi- unit/townhouse residential development.”
