Inviting infill
The last significant zoned development site in Point Cook was bound to attract attention, but the fundamental driver behind the RPM Transactions & Advisory team’s approach to 359 Point Cook Road was creating value for the vendor and commercial confidence for the ultimate buyer.
The area, located at the city-end of Melbourne’s western growth corridor, was primarily developed in the early 2000s, and has an international reputation because of its award-winning land projects, bayside location, and high-quality community infrastructure.
Maximising the last remaining section of the vendor’s original property
Interestingly, the vendors had sold the surrounding 33 hectares of land to a developer in 2012, with this 2.36 hectare site the last remaining section of their original property, including the family home. As such, finding the right partner to help them extract the land’s maximum value was vital to the owners.
Although it’s located in the Wyndham growth region, 359 Point Cook Road is a true infill site well suited to medium density development. RPM’s expertise in this space saw our team working closely with prospective buyers on product mix, marketing, and price modelling to give them the confidence to maximise their offers.
The success
The approach unearthed 107 enquiries and 10 offers submitted over the four week campaign, ultimately achieving a sale price more than a million dollars over the quoted range. This sale demonstrates the continuing appetite for quality sites in prime locations, and represents a record land rate for the area.
This article was published in our Q3 2022 Greenfield Market and Report. For the full report, click here.