One of Melbourne’s best apartment block site opportunities for 2024 has hit the market, with a fully leased block on 1,250sqm of prized Hawksburn land offering significant investment, selldown and redevelopment flexibility.

Fitzroys’ Chris Kombi, Lewis Waddell and Ben Liu are marketing the site at 650 Malvern Road, Prahran via Expression of Interest closing 13 November at 3pm, on behalf of a local investor who has held the property for more than 30 years.

Expectations are of $7.3 million plus.

The property comprises eight individually-titled, oversized two-bedroom apartments plus secure garaged parking. It is fully leased with short-term deals in place, providing scope for significant rental upside, and also offers the benefit of 18 separate titles for all apartments and car parks.

The high-profile, elevated site has dual frontage of 23.43m to Malvern Road and a rear laneway.

“This ultra-rare 1,250sqm Hawksburn site provides purchasers the ultimate flexibility to either hold the apartment block as an investment, renovate and sell down the apartments individually, redevelop the site, or simply land bank and benefit from the future upside in this high growth location,” Kombi said.

“The site is brilliantly positioned just 150 metres from the popular Hawksburn Village shopping precinct, and is within easy access of the famous Chapel Street lifestyle, shopping and hospitality strip.

“We’re seeing a highly-publicised shortage of residential supply amid high population growth, and more Melburnians are looking in particular for well-connected areas to live, work and play. This site is excellently poised to capture that demand.”

Hawksburn Village offers a quality mix of local and national retailers including Woolworths, Baker Bleu, Stocked, Peter Boucher, Bistro Thierry, Greencup, Toscano’s, Chemist Warehouse, Bar Bianco, Café Latte and more.

The site is also close to multiple parklands including Orrong Park, while tram services operate along Malvern Road and the Toorak Railway Station is within easy walking distance.

Waddell said, “The extreme rarity of the offering - a block of 1,250 sqm in a location this close to Hawksburn Village - speaks for itself.

“This is in a premium location and unlike other sites offered around the market.”

“Given the prized location and flexibility of the property, we’re expecting a broad range of buyers to show interest - from investors and land bankers, value-add buyers to developers,” he said.

Liu said that there is favourable Residential Growth (RGZ) zoning and no heritage overlay on the site, allowing for a versatile array redevelopment opportunities.