Developer snaps up prime Sunbury site

The property on the corner of Riddell Road and Horne Street. Picture: Google Street View

Central Sunbury is on the move again, with a prominent corner site snapped up by a Melbourne property developer for $1.25 million.

The 2640 square-metre lot of three titles at 1-5 Riddell Road is in a mixed-use zone north of the Horne Street roundabout, and has been owned by a local family for more than 50 years.

Selling agent Dean Alexander, of Fitzroys, said the high profile corner site offered numerous development options.

‘‘Potential uses could include a medical or childcare centre or office space,’’ he said.

‘‘There was a group talking about building a central hub for government employees.’’

Mr Alexander said the site had been on the market for quite a while, with previous deals falling over due to hurdles with finance and due diligence.

‘‘The property received strong interest from developers looking to capitalise on the flexibility of the site and the region’s rapid population growth,’’ he said.

The Riddell Road sale is the latest in a number of significant property deals in Sunbury.

As reported by Star Weekly, Hume council intends to build a global learning centre and library on a 4083 square-metre Macedon Street site, which it bought for $1.885 million last month.

Australian investors snapped up the Sunbury Central shopping centre for $40 million in August last year, a little more than a month after a 206 hectare residential site south of Sunbury was sold to Chinese investors, also for $40 million.

Ingram Property Group director Glenn Ingram said the sale of the shopping centre and recent developments by major corporations, including residential builders Villawood and Australand, reflect growing interest in the area.

‘‘There are plenty of people now who are seeing Sunbury as a regional base,’’ he said.


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