Surplus council site in Glen Waverley sells for record $50.8M

A surplus council site in Glen Waverley has been sold for a staggering $50.8 million in what is being hailed as a record land rate for the area.

The site, previously owned by the City of Monash Council and used as a carpark, was purchased by Glen Carpark Pty Ltd, a company directed by Melbourne-based property developer Runlong Fang.

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The deal highlights growing confidence in the suburban apartment market, with significant price growth seen in Melbourne’s south-eastern suburbs. According to Cushman & Wakefield’s director of development sites, Joe Kairouz, the sale represents a sign of the suburban apartment market’s re-emergence as developers seek opportunities outside of the congested CBD areas.

The sale was orchestrated by Cushman & Wakefield, with the Asia Capital Services team, led by director Leon Ma, playing a pivotal role in bringing the sale to fruition. Ma’s team was responsible for engaging with new capital sources and developers entering the Australian market, further expanding the scope for future development opportunities.

Currently zoned for commercial use, the site offers flexibility for potential development. While Victoria has proven a robust market for residential land, with over 33,000 settlements last year compared to New South Wales’ 16,000, there are still challenges ahead for developers.

Kairouz highlighted some of the hurdles, explaining that while Melbourne has plenty of available land, not all projects are feasible. “There is no shortage of capital wanting to be allocated and deployed into development, it’s just finding the right project,” he said.

The record-breaking sale at Glen Waverley underscores the ongoing demand for well-positioned development sites in Melbourne’s outer suburbs, as investors and developers eye opportunities to cater to the city’s growing population and housing needs.

Images via The Urban Developer

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