Landmark site sells for record amount

30 Mar 2011

Developer confidence in the Doncaster Hill Strategy has been clearly demonstrated in the sale of Council's landmark site at 101-105 Tram Road for $8.92 million, a Doncaster record of $2,865 per square metre.

The 3,113 square metre site is located on the corner of Tram and Doncaster roads, diagonally opposite Westfield Doncaster, and is currently home to the Elgar Court Occasional Child Care centre, which will be relocated into the $38 million Civic Precinct Community Hub development. The site's zoning, in Precinct 7, allows for mixed-use development of up to ten levels (32.5 metres), offering stunning panoramic views.

Nine Expressions of Interest were received for the site, demonstrating Doncaster Hill's ability to attract interest from developers looking for high quality sites with strong development potential.

Money from the sale of the Tram Road property will help fund the current construction of the Community Hub development, which will provide a range of community services and facilities.

Selling agent, Nick Peden, of Savills, who managed the Expression of Interest process, said "The sale demonstrates the immense demand for good quality development sites with high density development potential."