Huge Glen Waverley childcare site sold for $23m to developer

A coveted Glen Waverley residential site has fetched $23 million in a keenly-contested sale.

The 583 Ferntree Gully Rd property sold to a developer and it is understood townhouses will be built on the 16,740sq m site.

CBRE director Julian White says a total of 13 local and overseas groups vied for the prime general residential zone site with 161m of street frontage.

He notes there have been few large development sites sold in the suburb recently.

The site houses educational facilities run by a not-for-profit organisation.

The property, diagonally opposite Brandon Park shopping centre and near the Glen Waverley Activity Centre, had a price guide above $20 million during the campaign.

It also offered options for aged-care and retirement living development and was part of a larger block owned by the not-for-profit Bestchance Child Family Care.

It is currently used as an early childhood education centre and the vendor will continue to provide childcare services from its retained portion of the block.

The block has prime street frontage close to shopping and amenities.

The strong result was not a surprise despite COVID-19 concerns, CBRE director Mark Wizel adds.

“This was an excellent result for both vendor and purchaser in the most uncertain market we have ever seen,” Wizel notes.

“What we do know is that there is a significantly large group of developers looking at new opportunities.”

583 Ferntree Gully Rd, Glen Waverley.

Wizel says Glen Waverley is one of Melbourne’s most dynamic residential growth zones with “16% growth in the median house and unit price over the 12 months to February”.

The commercial property market was likely to continue to see asset sales even in the depths of the global health crisis, Wizel says.