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20 East Ridge Road, Chirnside Park VIC 3116

EOI

Land 8.51 acres

Listed: 13 days ago

Updated: 7 hours ago

Overview

This substantial residential development site at 20 East Ridge Road, Chirnside Park presents a rare opportunity within Melbourne's eastern corridor. Covering approximately 34,420 square meters (3.43 hectares), the land is strategically positioned in the vibrant Chirnside Park Activity Centre, providing a solid foundation for a major residential project.

The property benefits from an approved planning permit for over 140 dwellings, offering a level of certainty and significant mitigation of development risk. This existing permit enables developer flexibility, including potential alternative developments such as an all-townhouse scheme subject to further approvals, as well as the ability to stage delivery and adjust the housing mix to dynamic market conditions.

Expansive land area suitable for large-scale residential infill development.
Located within a growth zone (Residential Growth Zone Schedule 3), highlighting its residential potential.
Opportunity to benefit from reduced public open space contributions and lower developer obligations.
Walking distance proximity to Chirnside Park Shopping Centre and a host of retail, lifestyle, education, employment, healthcare, and commercial amenities enhances the location's accessibility and desirability.

The locality offers robust fundamentals rooted in steady population growth and limited future supply of development sites, making it highly attractive for developers focused on meeting ongoing housing demand in Melbourne's eastern suburbs.

This opportunity is well-suited to residential developers aiming to capitalize on a prime zoning and a major permit-approved site, ready to deliver a substantial housing project with flexibility and reduced planning risk.

Local Market Insights

In Melbourne - Outer East, Quiet Listings observed 18 new parcels of land entering the market over the last 30 days, up from 11 during the previous 30-day period, with an average advertised asking price of $2,311,389. The property type mix of listed properties is predominantly Houses at 72%, followed by units (10%), and townhouses (10%). The most active agency for land in the Melbourne - Outer East area is currently Jellis Craig, representing 28% of new listings, followed by Hoskins Real Estate with 11%. 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.