Private school, developers confirm controversial land deal
Developers Buxton and Roulston have confirmed a controversial Malvern East land purchase from Caulfield Grammar – sealed in October, 2021.
Also the last property cycle peak, the $14.5 million price paid for the adjoining houses on 2230 square metres at 385-387 Wattletree Road, set a record, in this case, for a General Residential zoned block in the suburb.
It also reflected a major short term capital gain for Caulfield Grammar which outlaid $12.6m in 2017 with plans for an early learning centre – an idea it shelved following the lockdowns.
Buxton and Roulston first applied for their medium density residential redevelopment with the City of Stonnington in December, 2021 – two months after settling on the parcel.
The project was later the focus of a resident group which collected over $20,000 to object it at the Victorian Civil and Administrative Tribunal.
Luxury apartments planned
Also overlooking Central Park, Buxton and Ralston are planning 29 dwellings in a four level complex over a 79 bay basement car park; the project is penned by Ewart Leaf with gardens by Jack Merlo.
The land deal settled at about the same time Buxton paid $10.5m for a 3987 sqm site in the suburb – 50 Sycamore St – with plans for townhouses (story continues below).
In 2020, meanwhile, the developer outlaid $12.25m for Malvern Rd, Toorak blocks – covering 2732sqm – for luxury apartments.
“In a market starved of high end development opportunities, we are continually seeking landmark sites that will have appeal from owner occupiers performing extremely well,” Colliers’ Ted Dwyer, who marketed 385-387 Wattletree Rd with Ben Baines, said.
“In this instance, the scarcity of land in the area, particularly opposite prized Central Park, drove competition from local and national developers,” according to the agent.
“We are witnessing strong buyer demand still from developers with a proven and long-standing track record,” Mr Baines added.
“The site presents the perfect positioning for a high calibre luxury residential development…surrounded by lavish homes, successful high-end projects and amongst Melbourne’s most affluent suburbs,” he said.
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