A GEELONG developer is most likely to put aside existing plans for a 22 apartment development approved for a Highton property after it sold at auction at the weekend.
The 1499sq m block at 22-24 Barrabool Rd was sold under the hammer for $1.505 million on Saturday to the buyer.
The property hit the market with existing permits for the multi-storey development, Urban Primo, an apartment project from Glengarry Developments that was being marketed to homebuyers from 2015 but had since been shelved.
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Darcy Jarman, Geelong West agent Tim Darcy said the property had attracted strong interest from the development community.
“The buyers in hand were all in some shape or form developers, with one potential end user that had a different use for the site,” Mr Darcy said.
“The successful party was a local developer,” he said.
“I’d be suggesting that the DA in play will be put to the side. It will be more likely than not that they will pursue a varied plan. But time will tell, I expect,” Mr Darcy said.
At $1.505 million, the sale achieved a land rate of $1004 per square metre, which Mr Darcy said reflected a strong result.
Price hopes before auction were more than $1.4 million
“It’s more akin to a Newtown property,” he said.
Mr Darcy said the pivotal location was key to the sale, with Highton Village shopping centre and the Barwon River both minutes away on foot. But the flat block presented as a clear site, making it easy to develop.
But Mr Darcy said the property’s growth zoning, which encourages higher density residential development near key population centres, added to its value.
“You can yield more out of a development at the retail end so it does enhance the value,” he said.
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