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A local developer is paying a rumoured $45 million for a major residential zoned site in Point Cook, about 25 kilometres southwest of the CBD.

The deal for 331 Boardwalk Boulevard, 300 metres from the suburb’s Featherbrook P-9 College, values land at about $3 million per hectare, a substantial increase on the prices being achieved only a couple of years ago.

Biggin & Scott Land’s Andrew Egan and Frank Nagle declined to comment about the successful sale of 331 Boardwalk Boulevard.

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