One of Frankston South’s last remaining acreages set on 5.28ha at 86-88 Stotts Lane recently set a new suburb price record of $9.75 million.
The allotment, which has residential zoning, is expected to be developed into housing blocks by the new owners, Pask Group.
That property was listed in March last year with another agency but finally sold this February with Ray White Land Sales.
There are plans to develop between 42 and 48 housing blocks with prices expected to range from $600,000 to $700,000 per lot.
The previous record sale was for 24-28 Moorooduc Highway, which netted $9 million in 2013, sale records show.