A high-profile residential development site in Glen Iris with a permit for 25 apartments and basement parking has hit the market.
Savills Australia is marketing a high-profile residential development site in Glen Iris with a permit for 25 apartments and basement parking. The property will be sold by Expressions of Interest closing Thursday, 2 March at 12 noon and is expected to achieve around $6.5m.
Ideally positioned between the popular Malvern Road retail precinct and Glen Iris Village, the 233 Burke Road property comprises a 1,785 square metre site zoned General Residential in a prime position with over 25 metres frontage to Burke Road as well as rear lane access.
According to marketing agents, Julian Heatherich and Nick Peden, the current permit allows for a luxurious residential development comprising 25 large apartments, with the majority comprising two bedrooms and two bathrooms.
Mr Heatherich said the location in one of Melbourne’s most highly sought after lifestyle locations, just nine kilometres from the Melbourne CBD, offered extensive retail amenity, numerous parks and quality education facilities and is well serviced by public transport.
“The precinct lies within a ‘golden triangle’ of suburbs in Melbourne’s East that are currently experiencing significant demand and growth in property prices, with the average house price rising well above $1 million to $1.87 million.
“Clearly this property is located in the heart of one of Melbourne’s best lifestyle locations and is sure to be a success for the astute developer,” Mr Heatherich said.
Mr Peden said the sale, which offered a rare opportunity for developers to secure an outstanding central site with an approved project, ready to build, had already elicited a strong market response.
“The opportunity to secure a property in a brilliant location, within an extremely popular part of Melbourne, with an approved permit, excellent site access and so close to extensive amenity, has resulted in significant levels of enquiry.
“You would be hard pressed to find a better opportunity in the current market,” Mr Peden said.
Mr Heatherich said the property’s key attributes included:
- An elevated development site of 1,784 square metres
- An approved permit for 25 apartments over three levels
- Generous sized apartments
- A frontage of 25 metres to Burke Road
- Direct access to Gardiner & Glen Iris railway stations with local tram and bus routes also servicing the area
- Close proximity to Central Park, elite private schools including Sacre Coeur & Korowa, and to Monash University, Caulfield Racecourse and Chadstone Shopping Centre, Malvern Road lifestyle precinct offering trendy cafés, fresh food outlets and fashion retailers, Tooronga Shopping Centre with convenience retailers such as Coles plus specialty stores
- Direct access to the Monash Freeway and major arterial roads