PREMIUM blocks of land in an established part of Grovedale, that will replace a sprawling family homestead, have just hit the market.
The four-bedroom homestead on 3858sq m of land at 212 Bailey St sold for $1.125 million in 2017 to a Melbourne developer.
The developer then subdivided the property into six blocks of land and the first three blocks, lots four to six, are now for sale.
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Agent Byron Filippi said this was the developer’s plan when he bought the sprawling property.
“He realised there was a lot of development going on in Geelong and wanted to release some land that was more premium,” Mr Filippi said.
“The infrastructure around Grovedale is already there and it has become a real hot spot.”
The first three blocks are roughly the same size and range from 636sq m of land to 658sq m of land and are each priced $370,000-$405,000.
These size blocks are similar to the house blocks surrounding the now development site.
Mr Filippi said some residents had said they would be shattered to see the house go.
“There have been a couple of inquiries on the blocks so far but it is still early days,” he said.
The blocks will replace a four-bedroom house with three separate living areas and a huge covered outdoor entertainment area with spa and swimming pool, that are all still standing on the site for the time being.
The median house price in Grovedale has increased 15.5 per cent in the past year to $488,000, according to CoreLogic.