Melbourne 7/9/ 2017 - Allard Shelton has been appointed as sole agent to sell 64-66 ORRONG ROAD ELSTERNWICK. The property is a former Uniting Church complex comprising of two Church buildings and a substantial parcel of land at the rear. It comes with a unique development permit for 16 Luxury Townhouses.
Allard Shelton Directors, Michael Ryan and James Gregson commented on the rareness of this offering and the current state of buyer flurry in the residential property market. “Astute developers are seeking boutique luxury townhouse projects that provide a point of difference for the discerning buyer,” said Mr. Ryan. “Opportunities such as this are becoming progressively scarce in Melbourne’s blue chip suburbs such as Elsternwick. We anticipate an outstanding response to the campaign from both local and off shore buyers.”
The Permit consist of 16 luxury predominately 3 bedroom townhouses and involves utilising the existing church buildings plus the construction of new dwellings at the rear.
“ Maintaining both churches adds a uniqueness and opulence to the development as well as reinforcing the historic and cultural fabric,” said Mr. Gregson. “There is simply not enough supply of A-grade townhouse developments in Melbourne to satisfy existing demand let alone a standout project like this.”
“We believe the strong demand for this type of product in the market is predominantly driven by a combination of increasing population, historically low interest rates and most importantly the increasing sense of security of buying in the Australian property market.” states Allard Shelton’s Martin Huang, a specialist in dealing with Asian buyers. He says, "Selling this iconic building with vacant possession will further augment its attractiveness to a vast range of both local and overseas developers. This is a rare opportunity to purchase an outstanding development in a highly sought after location and one that is unlikely to present itself again”
The 1756 square meter site with rear access is zoned General Residential 2 and benefits from close proximity to extensive retail and food offerings together with some of Melbourne’s most elite schools
Mr. Gregson said “the project had anticipated end realisation of approximately $23 million and the prospective purchaser of 64-66 Orrong Road Elsternwick would not only be acquiring one of Melbourne’s best townhouse projects, but also a rare piece of Melbournian history in the world’s most liveable city with all the benefits for today and tomorrow.”
64-66 Orrong Road Elsternwick is expected to fetch in excess of $8 million and will be sold via Expressions of Interest closing Tuesday 17th October at 2pm”
FOR FURTHER DETAILS CONTACT JAMES GREGSON
PHOTOS OF THE PROPERTY ARE AVAILABLE UPON REQUEST
