A prime corner landholding with significant future potential is set to make waves when it hits the market on a high profile retail strip already attracting keen investor and developer interest with its ongoing evolution.
Colliers Hamish Burgess and Ted Dwyer alongside Andrew Greenway and Michael Gross of Gross Waddell, have been appointed to sell 525-533 Glen Huntly Road in Elsternwick. Mark Wizel of Advise Transact is acting as Transaction Manager, with the property being auctioned on Thursday April 28 at 12.30pm.
Situated on the high profile corner of Glen Huntly Road and Hopetoun Street, directly opposite the Hopetoun Gardens, the property is home to substantial improvements including five two-storey shops and dwellings on separate titles, providing valuable passing income.
The total landholding comes to 743sqm with triple street frontage totaling 80m.
Mr Burgess said the sale represented a significant opportunity for both investors and developers, with the flexible Mixed Use zoning providing an array of options for future use.
“The huge development upside of this opportunity cannot be ignored,” Mr Burgess said. “Elsternwick and the immediate strip has been one of the first suburbs of Melbourne to see extensive development of build-to-rent buildings. A number of high net worth individuals have delivered privately held build-to-rent projects including 415-415 Glen Huntly Road (37 apartments), 421-439 Glen Huntly Road (20 apartments) and 441-461 Glen Huntly Road (163 apartments).
“With a median house price that now sits at $2.3million largely driven by leading local schools, public transport and a number of hospitals and other employment drivers, the area is also a hot spot for a number of high end build-to-sell developers with projects such as Park Lane by Citiplan and The Yorston by The Saade Group.”
Mr Greenway said the existing improvements would also allow for investors and land bankers to secure a prime corner landholding with endless possibilities in one of Melbourne’s leading retail strips.
Mr Dwyer said: “Other future uses for the property such as commercial office or medical are also highly likely, with a restricted existing market and major health players in the area such as Cabrini and Alfred Health with the Caulfield Hospital.”
