A 3,469sqm landholding on the corner of Chapel Street, Brighton Road (Nepean Highway) and Grosvenor Street, in St Kilda is for sale, after nearly 50 years of ownership.
The property occupies a substantial land parcel, with over 140m of street frontages, and has the benefit of a highly favourable Design and Development Overlay, allowing for a major suburban apartment project.
Currently leased to Australia Post on a short-term basis, the property generates extensive net income of $413,662 pa. This will provide the purchaser with time to secure an outstanding permit approval.
The location is amenity rich, with Carlisle Street retail shopping strip only 350m away, plus iconic Melbourne attractions like St Kilda Beach and Luna Park all walking distance. Balaclava Train Station is also only 350m away, plus there are tram lines along Nepean Highway and Chapel Street, providing outstanding access to all of Melbourne.
Julian White, Justin Dowers and Chao Zhang from rapidly growing commercial agency Stonebridge Property Group, have been exclusively appointed to undertake the international expressions of interest campaign, which will close Thursday 9th September at 2pm.
Stonebridge Partner, Julian White, said the property comes to market at a time of lack of supply of comparable sites, “There has been a severe shortage in Melbourne’s inner city suburbs of development sites suitable for substantial apartment development. Many major developers are recognising now is the time to be building their pipelines given forecasted growth in the residential markets, but there have just not been the sites for sale to fulfil this demand.”
Specially, and according to the REIV data, St Kilda has been one of the best performing markets over the past 12 months, with the median house price increasing a staggering 61% in this period, and 11.4% in the last quarter. “Buyer demand has shifted in the residential markets. Buyers are actively chasing locations with outstanding amenity within walking distance, as a priority. This part of St Kilda/Elwood is rich in amenity, with parks, beach, shops, schools and public transport plentiful.”
“NAB recently released data predicting a further 17.6% increase in Melbourne’s median house price to the end of 2021. The need for more affordable housing options, in the form of apartments, just must increase. This site with short term income, provides the perfect platform to time a development to fulfil this future demand.” continued Mr White.
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