EOI Ending Fri 13 Nov 5pm | Endorsed Town Planning Plans - Seven Townhouse Development

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839 Plenty Road, Reservoir VIC 3073

$1,150,000 - $1,250,000

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$1.15M - $1.21M Transparent Transparent Listing Based on an openly advertised listing price.

Land 731 m²

Listed: 5 days ago

Overview

Situated on a generous 731 square metre land parcel, this property offers an attractive proposition for developers and builders seeking a prime development opportunity. Endorsed town planning for seven townhouses is already in place, streamlining the pathway for construction and allowing purchasers to focus on project execution rather than preliminary planning.

The development scheme features six townhouses with two bedrooms each and a mix of one and two bathrooms, plus one townhouse that boasts three bedrooms and three bathrooms. Accompanying car parking allocations vary between one and two spaces per townhouse, addressing practical residential needs.

This endorsed plan provides a clear vision and well-defined residential outcome, reducing uncertainty and expediting development timelines. The site is especially suited to industry professionals looking to add a sizeable, well-positioned residential project to their portfolio in a sought-after location.

Conveniently located in the established suburb of Reservoir, offering access to local amenities, transport routes, and major road connections.
The property's scale and planning approvals offer a substantial opportunity for a seven-townhouse development.
Planning groundwork completed, delivering a strong foundation for a developer or builder to advance their next project efficiently.
The mix of townhouse sizes and layouts caters to a variety of prospective residents.

Overall, this site represents a strategic development opportunity with planning certainty, ideal for those intent on realizing a significant townhouse project in an established residential precinct.

Local Market Insights

In Reservoir, Quiet Listings observed 2 new parcels of land entering the market over the last 30 days, with an average advertised asking price of $1,125,000. The property type mix of listed properties is predominantly Houses at 47%, followed by townhouses (24%), and units (22%). The only agency with for land listings currently monitored in the Reservoir area is Ray White. These insights are based on agencies currently monitored by Quiet Listings and are updated as the local market changes.

While every effort is made to ensure the accuracy and completeness of the property information provided, no guarantee is given. Buyers should independently verify all details, inclusions, availability, pricing, and other relevant information directly with the listing agent before relying on this information.