EOI Ending Fri 13 Nov 5pm | A Substantial Development Opportunity with Plans for Six Townhouses

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143 Broadway, Reservoir VIC 3073

$1,100,000 - $1,200,000

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$1.1M - $1.16M Transparent Transparent Listing Based on an openly advertised listing price.

Land 651 m²

Listed: 4 days ago

Overview

Situated in a well-established and highly connected pocket of Reservoir, this substantial land parcel at 143 Broadway offers a rare and promising development opportunity. Covering approximately 651.2 square metres, it provides ample scale and flexibility, appealing primarily to developers and builders looking for a sizable site in a sought-after location.

Although plans have been prepared for six townhouses, these remain unapproved, allowing prospective buyers to explore the site’s potential with a degree of freedom. The existing concept offers a valuable starting point for further development discussions, ensuring a clear vision without restricting future possibilities.

The generosity of the landholding means this opportunity is not limited to large-scale development. Owner-occupiers with ambitions to build distinctive and bespoke homes will appreciate the potential to design according to personal lifestyle preferences, whether for a significant family residence or a unique architectural project.

Beyond the land itself, the location along Broadway provides convenient access to a comprehensive array of amenities including retail, dining, and recreational facilities. Enhanced by public transport options and key road connections, it enables efficient travel across Reservoir and neighbouring suburbs.

Overall, this property will suit a range of buyers: developers aiming to capitalize on the multifunctional development potential, builders seeking to transform plans into reality, and individuals in pursuit of a sizeable plot to craft their ideal home. Its foundational value lies in the land’s size, strategic location, and development scheme prospects, all anchored by the thriving residential character of Reservoir.

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.