Prime Caulfield Development Opportunity Hits the Market
A rare, ready-to-go site and value-add opportunity in a prime Caulfield South location is going to auction as a rebound in house prices, low interest rates and tight vacancies lift developer sentiment across the Melbourne market.
Fitzroys agents Mark Talbot and Tom Fisher are marketing 644-646 Glen Huntly Road, Caulfield South on behalf of the Seeto family. Expectations are for around $2.5 million and above.
Zoned Commercial 1, the substantial site of 691sqm over two titles - to be offered as a whole - has a large frontage of nearly 19 metres and rear access.
The property is offered with vacant possession, offering immediate flexibility for the purchaser whether they want to develop, value-add, invest or occupy.
“This property presents an unsurpassed opportunity ideal for value-add and/or development within the prestigious suburb of Caulfield South, in the highly popular Glen Huntly Road precinct and positioned between Kooyong and Hawthorn Roads,” Talbot said.
Prominent, Prime Port Melbourne Building Sells for $3.705m
Melbourne’s city fringe commercial property market continues to attract strong interest from owner occupiers and developers, with a Port Melbourne landmark the latest asset to trade at a premium.
James Lockwood and David Bourke of Fitzroys sold 226 Bay Street for $3.705 million under the hammer on behalf of a long-term private owner. The prominent circa-1887 building is the former home of the Port Melbourne Building Society and located in the prime section of the Bay Street retail and lifestyle strip.
Constructed in the Victorian Free Classical style, the vacant 508sqm two-level building is on an invaluable 254sqm triple-fronted corner site with a wide 10-metre frontage to busy Bay Street.
The sale price reflected a high land rate of $14,500 per sqm. Lockwood said strong interest ultimately led to multiple owner occupiers and developers bidding at the fiercely contested auction.
Disclosure: The weekly Fitzroys Property Wrap is for information only on transactions in the Melbourne property market. Fitzroys provides this information as a public service. We are not purporting that all sales and leases within this report were transacted by Fitzroys. Terms/Privacy © Copyright 2020 Fitzroys.