A smart purchase has given a Templestowe owner a huge price gain in less than three years.
With the potential for mixed commercial-residential development, the 1567sq m property in a good location was purchased for $2 million in June 2019 with the agency.
Suited for the development of townhouses and commercial spaces, the property had a $3-$3.3 million price guide but did not come with a planning permit.
“The local developer made $1 million in less than three years and did not proceed with plans to develop the block, and it was a rental,” Mr George said.
The block is in a good position and backs onto Blackburn Road, while the single-storey five-bedroom house offers rental income while the owner waits for plans and permit approval, he added.
The property is also within the coveted Serpell Primary School and East Doncaster Secondary College catchment area.
On the same day, 530-532 Doncaster Road, Doncaster, sold for a whopping $5.5 million with several developers eyeing the 1538sq m property.
The double block with approved plans and permits for 22 luxury apartments and three medical suites for commercial use is located in the heart of Doncaster.
After receiving a strong offer, the property with a $4.8-$5.2 million price guide, was sold prior to the April 19 date for close of expressions of interest.
“There was one developer who made their intentions very clear with a strong offer and the owners were happy to sell to them after we negotiated a price,” Mr George said.
“It is one of the largest sales in the suburb as there are very few such blocks available.”
The property is expected to generate an estimated $25-$30 million in total sales yield and offers development in a coveted lifestyle location, with easy access to Westfield Doncaster, Park + Ride hub, Eastern Freeway/EastLink, schools and parks.
Records indicate No. 530 was purchased for $2.3 million in 2019 and No. 532 was bought for $2.42 million a year earlier, and the owners had to get approval for plans and permits.