Ringwood development: 48-52 Bond Street for sale
A Ringwood development site offering people the chance to live close to Eastland and Costco is expected to sell for a huge price.
Outer East
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A Ringwood site earmarked for a huge apartment development is expected to sell for more than $7 million.
Savills has listed 48-52 Bond St for sale, with the 2461sq m site coming with a permit for 79 apartments.
According to the real estate listing, the approved project is set across six levels and the site includes prominent street frontage and activity centre zoning.
The apartments would be a mix of one, two and three bedrooms, with the site within walking distance to Eastland, Costco and Ringwood train station.
Savills director Benson Zhou said there was good interest in the site from local and offshore buyers.
Mr Zhou said apartment developments close to Eastland were popular.
“In the old days people’s dream house would be five-bedrooms with a swimming pool but now it’s shifting and more and more people like the convenience,” he said.
“They realise they don’t need that much space and they would rather be close to everywhere and have a good lifestyle.
“They can walk to the cinema, walk to Costco, so they are the main drivers.”
Mr Zhou expected the site to sell for more than $7 million.
He said despite concerns about construction costs, seasonal developers were still searching for good sites to buy.
“The market activity is still there,” he said.
There’s no shortage of development in Ringwood, with plans to build more than 330 apartments and townhouses over 12 storeys also being considered by Maroondah Council at 93-97 Maroondah Highway.
It is home to the Genesis gym facing Seymour St and a Rivers Store facing the highway, and was also the former home of Jooce nightclub in the late 1990s and early 2000s.
The Uniting Church has also lodged plans for a six-storey social housing complex on the corner of Pitt St in Ringwood, next to the suburb’s railway line.
And a mechanics that has operated right near Eastland for more than 30 years is set to be replaced with another high-rise.
Agents CVA sold the site of Rodney’s Mechanical Repair Centre at 2-4 Warrandyte Rd in Ringwood in early May for $3.86m to a local development group.
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