Parklike Kew land set to break suburb record

A parklike Kew block of land has hit the market with expectations of a more than $15 million sale.

If it reaches that figure, it would make it the second priciest property ever sold in the suburb, despite being home to nothing more than a series of mature trees and a lawn.

The almost 5300sqm allotment at 46-48 Wills St is in a leafy location that neighbours Yarra Bend Park.

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But its days as a slice of pure greenery in the leafy neighbourhood could be numbered.

RT Edgar director Mark Wridgway says while there are limitations to what can be developed at the property, it has grabbed the attention of buyers with plans to build a number of properties on the site.

With parklike greenery, the allotment may soon host a low-density development.

“There are 6m height limits, so two storey development height, and there are density ratios.

While there is scope for up to 16 dwellings, Wridgway says he believes the best return would be to “effectively complete” Wills St with eight large houses in a staged development.

“There’s even a bloke who has looked at it for three houses for his family,” Wridgway says.

“It will be a low-density development by modern standards.”

The super-sized allotment is a rarity for the area and last changed hands for $415,000 in 1990, according to CoreLogic records.

It’s expected to fetch between $15 million and $16 million, which will put it ahead of the suburb’s decade-old residential property price record, set at $12 million by 39 Sackville St in 2007.

The verdant block adjoins the greenery of Yarra Bend Park with Melbourne’s CBD on show in the distance.

The suburb’s highest commercial price to date is the $17 million paid for a site at 620 High St in the same year.

“I haven’t seen many of these sites in Kew,” Wridgway says.

“And the fact that it abuts Yarra Bend Park and has views to the CBD, from that perspective it is quite unique.”

The block comes with 118m of frontage to Wills st, though most houses on the street have just 15m.

An expressions of interest campaign is tipped to land between $15 million and $16 million and closes at 3pm on Monday, August 27.

This article from Leader Newspapers originally appeared as “Kew mega block could snare eight-figure sale close to record”.