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Eight Eaglemont houses set to delight developers

FIVE Eaglemont neighbours have pooled their eight houses together to offer to developers as a lucrative supersite.

The massive 6606sq m offering has price expectations of $22-$24 million, according to selling agency CRS Property — equating to a handy $2.75-$3 million per property.

Such a sale would lead to a large payday for the long-term owners of the eight single-level brick houses, all of whom live on the site and some who also own investment properties there.

CoreLogic records show two of the properties have been held by the same owners for decades, having last changed hands for as little as $72,400 and $107,500 in 1983 and 1995 respectively.

CRS director Ross Mercorillo said he’d already received “a high level of interest” in the site from residential and commercial developers, who recognised that such a substantial piece of inner-city residential land was “not an everyday offering”.

Mr Mercorillo expected the sellers to make about an extra 20 per cent each by banding together.

He said the sale came about when the resident of 25 Banksia St teamed up with the owner of Nos. 27, 29 and 31 to try and attract deep-pocketed developers.

Mr Mercorillo said three of their neighbours who owned 26 and 28 Cumberland St and 437 and 439 Lower Heidelberg Rd got wind of the plan and wanted to join in.

Buyers have the option to snap up the Banksia St and Cumberland St/Lower Heidelberg Rd sites together or separately, and will be able to build up to three storeys on them due to their general residential zoning.

Mr Mercorillo said interested parties — including an aged care facility, and unit and townhouse developers — were considering both options.

Both sites are being sold by tender, the former closing at 3pm on August 10 and the latter at the same time on August 17.

He said it had become common for neighbours to band together to sell their homes for a premium, and expected mega-sites like this one to continue to hit the market in “prestigious” suburbs with development-friendly zoning.

“Land is scarce within the inner city of Melbourne,” he said.

“This is just the tip of the iceberg.”

Last week, four neighbours sold their houses on Hawthorn Rd, Caulfield North to a developer for a combined $8.7 million.

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