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“The listing has only just gone live, but already I’ve received a number of calls from developers,” Mr Hall said. “General residential zoning means it would suit a variety of options; you could extend adjoining Katoomba Drive into it to create a housing estate.” Title documents show the huge property was purchased in 1964, and Mr Hall said the owners went on to build a sandstone house on the site. Andrew Winter: Location, location, location1:28 Property Expert Andrew Winter shares a few insights on Australian real estate. /display/newscorpaustralia.com/Web/NewsNetwork/REA - Real Estate/ “It’s been owned by the one family the whole time. There would have been next to nothing around them when they built it. “The owners have now passed away, and the family has decided to sell.” He added it was unlikely it would attract a buyer who wanted to keep it as a single residential allotment. “There’s definitely more value in carving it up,” Mr Hall said. Small Preston street set for high-density future The sprawling property could be turned into a housing estate.Source:Supplied And if you dropped the site in Toorak, he said you would be adding an extra zero to the price tag. “Mulgrave properties are selling for about $800 a square metre, in Toorak, it’s about $8000,” he said.

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