DM Property has purchased a prime 9,065sqm* infill site in Wheelers Hill, Victoria, from Ryman Healthcare for an undisclosed price.
Located at Lot 2, 2 Collegium Avenue, the corner site boasts dual street frontages exceeding 173m* and offers proximity to key infrastructure, including the Monash NEIC, Monash University, and Monash Health Precinct.
The site is strategically positioned opposite Brandon Park Shopping Centre, a vibrant sub-regional retail hub anchored by Coles, Aldi, and Kmart. Currently utilised for storage and hardstand purposes, the property is adjacent to Ryman Healthcare’s newly constructed Nellie Melba Retirement Village and bordered by the Monash Special Developmental School to the east.
Hamish Burgess of Cushman & Wakefield, who negotiated the sale alongside colleagues Joe Kairouz and Leon Ma, noted the increasing demand for middle-ring Melbourne sites.
“Melbourne’s middle ring continues to attract significant developer interest as existing infill sites are well-serviced, situated in proven residential markets, and sought after due to their scarcity. The demand in this space is high, and we expect that to continue into 2025,” said Mr. Burgess.
Joe Kairouz highlighted the appeal of the site for townhouse developments saying “2024 has been starved of development opportunities capable of providing townhouses to the market in the metro-market.”
DM Property’s latest acquisition adds to its pipeline of projects valued at over $500 million, which includes townhouse, apartment, and land subdivision developments across Sandringham, Brighton East, Geelong, Shepparton and Colac.
Located just 20km* southeast of Melbourne’s CBD, Wheelers Hill provides convenient access to the Monash Freeway, Springvale Road, and Ferntree Gully Road, making it an attractive location for residents seeking connectivity to Melbourne’s broader metropolitan area.
Ryman Healthcare, the vendor, operates 49 retirement villages across Australia and New Zealand, providing exceptional care to over 14,000 residents.
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*Approx.
