Toorak Road Development Site Sold to Overseas Buyer Prior to Auction

A Toorak Road development site of 1,700 sq m with over 36 metres of frontage to Toorak Road has sold prior to auction for $5.5 million.

The residential property located at 1059-1061 Toorak Road Camberwell is zoned Flexible General residential Zone 5 and has potential to deliver a premium, luxury residential project in a blue-chip eastern suburbs location.

It is located close to extensive retail precincts including Hartwell Retail Village, Tooronga Shopping Centre and Camberwell Junction. The surrounding area has ample parks, educational facilities and public transport options.

Savills director Nick Peden said, "This sale result is a very strong representation of the market for well-located residential development sites.

"The buyer was a Chinese developer who plans on a luxury apartment project.

"We had very strong interest in this property throughout the sale campaign and the vendors are delighted with the sale result."Savills said that the population of the suburb of Camberwell is expected to grow by 31% over the next 25 years.

Camberwell is located 9.5 km from the centre of Melbourne within the City of Boroondara and is wedged between Toorak, Hawthorn East and Glen Iris.

Supported by a high media house price of $2.295 million Camberwell is a highly sought after luxury apartment location.

The property was due to be auctioned 18 August.