The sale of a significant development site in Melbourne's Mornington Peninsula highlights the continued demand for prime landholdings with development upside throughout Victoria, Savills Australia says.

Comprising 24,412 square metres, 110 Elizabeth Drive, Rosebud includes extensive dual street frontage on both Elizabeth Drive and Rosebud Avenue.

The site benefits from convenient access to Mornington Peninsula Freeway, and offers a range of potential development outcomes (STCA) for the purchaser. 

At a glance:

• A major development site in Victoria’s coveted Mornington Peninsula has sold to local developer Piermont Group for $6.4 million.
• The deal was negotiated by Savills Australia agents Julian Heatherich, Benson Zhou, and Mark Stafford.
• Comprising 24,412 square metres, 110 Elizabeth Drive, Rosebud includes extensive dual street frontage on both Elizabeth Drive and Rosebud Avenue.

Savills Australia agents Julian Heatherich, Benson Zhou, and Mark Stafford negotiated the deal with eventual purchase Piermont Group via private sale, achieving a strong land rate of $262 per square metre.

Mr Heatherich said 2020 was already proving to be an active year for the development market.

“Aside from having transacted 110 Elizabeth Drive this month as well as many other development sites last year, we have multiple properties currently under contract," he said.

The site is the latest in a series of purchases for the group on the Mornington Peninsula, joining 41 Hove Rd, Rosebud, a prime development featuring 8 luxury townhouses, and 30 Rosebud Avenue.

Piermont Group's Warren Trewin said the acquisition of 110 Elizabeth Drive "made sense" for the company.

“Off the back of receiving significant pre-sales in a very short period of time for another Rosebud project, Piermont Group came across this site with assurance,” he said.

"The market is strong and it supports our mandate to keep delivering high-quality projects on the Mornington Peninsula.”

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