A keen investor has become the owner of a mixed-use development site located in Melbourne’s Bayswater.
The investor, who has has not been named, bought the site for $3,910,000 before expressions of interest closed, with settlement being achieved in just 27 days.
Theasset comprises a 566sqm building area and 1,398sqm land area (approximately), offering street frontages of approximately 36 and 48 metres on a corner block of the Mountain Highway.
The property was marketed and sold by Ray White Commercial Ferntree Gully sales and leasing executive Mitch Rosam and director Paul Waterhouse.
“With views to the Dandenong Ranges, this property represented an excellent opportunity for a retail and apartment development, subject to council approval,” Mr Rosam said.
“It has the development potential of seven storeys with the retail currently on site returning the owner $185,000 p.a. plus GST plus outgoings.
“The adjacent property at 711-717 Mountain Highway sold two years ago for $2,720,000 and is only 150sqm smaller, so this deal represented excellent value for the vendor.”
Mr Rosam added: “The buyer loved the high rate of passing traffic, coupled with the prominent location, and the high level of exposure offered to Mountain Highway and Valentine Street.”
“The asset offered three-phase power, significant retail, storage and office areas, as well as 11 dedicated parking spaces,” he said.
“Eastlink can be accessed in under 10 minutes, and Bayswater Train Station is within walking distance from the site.”