A prized, permitted Prahran development site is expected to attract interest above $8.75million as developers circle and opportunities become few in this sought after area.
The high profile site close to Chapel Street, Greville Street and Prahran train station, has a permit for a development with a total net saleable area of 4,321sqm comprising seven levels of apartments, ground floor retail and a floor of office space, along with 63 car spaces.
Mr Burgess said a permit of this calibre in such a prominent, thriving location was often sought but rarely found.
“Given proposed zoning changes in the area, a development to this height is likely not to be approved again,” he said. “The site is situated in a proven apartment location and is surrounded by a number of highly successful, recently completed projects or projects under construction.
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The scheme by respected architects RotheLowman capitalised on the potential for stunning CBD views.
“This site is situated in a highly sought after city fringe location, with Prahran having experienced tremendous growth of almost 24% in median house prices over the past 12 months,” Mr Hobart said. “In proximity to all the best of Melbourne’s restaurants, retail and public transport amenity, this site is perfect for a boutique, high end residential and part mixed use development.
“Given the locational attributes, design by RotheLowman and with a planning permit in place, the site is a low risk development proposition that the buyer will be able to commence marketing immediately.
“Opportunities like this are very rare at the moment. The reason for this is that the market to sell the end product is so good that the land owners have low incentive to sell their sites.”
The property is for sale by auction on site on Thursday April 14 at 2pm.