is a vacant block in a built-up housing estate.
Multiple mega offers have come in for a long-held patch of dirt in Wantirna South.
The 500 Stud Rd block on nearly 7400sq m comes with price hopes of $7-$7.7 million, which would make it the suburb’s top sale since 2017 if it changes hands.
The vendors have held it since 1954 and used it to store heavy machinery; an office on the block has been removed.
Quick sales due to supply shortfall
The block is one of the few remaining large blocks ripe for development.
“We have had strong interest from Melbourne developers for the block and several offers, which the vendors are considering,” Barry Plant Wantirna director Brett Smith said.
The block is zoned for higher-density development, with potential to build 29 units or 20 houses.
It could be subdivided into 20 housing lots of around 350sq m each. Resale of similar blocks in nearby Harcrest Estate can fetch $600,000, while new townhouses in the area can easily fetch $700,000-$750,000.
53 Jenola Pde, Wantirna South is the suburb’s top sale so far this year.
The site is coveted, with easy access to major shopping centres, schools, EastLink and Burwood and Monash freeways.
It offers a wide 45m frontage with potential three entry and exit roads, and would also suit a medical or childcare centre.
A dated three-bedroom house used as an office has been demolished and the block cleared of construction equipment and heavy machinery.
A nearby property at 720-722 Stud Rd, Scoresby sold recently within its price guide of $2.5-$2.6 million. It has permits for 12 new dwellings.
The resort-style outdoors at 53 Jenola Pde.
It has large living spaces and six bedrooms.
Meanwhile, a Wantirna South house that passed in last year has now sold in excess of $1.8 million, making it the suburb’s top sale so far in 2020.
The 53 Jenola Pde house with six bedrooms and parking for eight cars on a 1368sq m block went to a buyer from Vermont South.
“There were two other offers and our sellers are getting between three and five offers each, which shows there are serious buyers in a market with less supply,” Mr Smith said.