This article is from the Australian Property Journal archive
A BAYSIDE landholding has hit the market with price expectations exceeding $20 million for the dual fronted Chelsea Heights site with a permit in place for a major mixed-use development.
Located at 15 Sixth Avenue, around 30km south-east of the Melbourne CBD, the 21,550sqm property is approved for 59 townhouses and a childcare facility.
Benson Zhou and Julian Heatherich from Savills are managing the sale of the site via an expressions of interest campaign.
“Considering the projected shortfall of 106,000 homes expected by 2027^, 15 Sixth Avenue, Chelsea Heights, emerges as a prime and eagerly coveted developmental prospect,” said Zhou, director at Savills.
“The property is ready for immediate development, with comprehensive documentation in place, presenting a savvy developer the chance to capitalise on the substantial housing demand.”
The approved development can be undertaken across two stages, with stage one comprising 22 dwelling fronting Sixth Avenue and stage two a further 37 dwellings on the future Caledonia Avenue, accessible via Wells Road.
Additionally, the proposed development includes a 1,116sqm two-level childcare facility with room for 148 places, with spacious staff facilities, nine children’s rooms, two large activity rooms, multiple meeting rooms and play areas.
A 33-space car park will also be positioned in the northern corner accessible via the future Caledonia Avenue.
“Chelsea Heights has undergone significant gentrification in recent years, and is considered one of Melbourne’s tightest-held south-eastern bayside development catchments,” said Heatherich, state director at Savills.
“Close to lifestyle and retail amenities such as the Thames Promenade Retail Strip, DFO Moorabbin and Harbour Plaza and well serviced by a range of transport options, the site is supremely positioned for easy access and convenience.”
The City of Kingston LGA, which includes Chelsea Heights, has seen a significant level of medium density residential development over recent years.
Dwelling numbers forecasted to grow only by 10% over the coming 20 years, with the suburb also experiencing a 16% increase in the median house price since 2019.
The expressions of interest campaign for 15 Sixth Avenue is scheduled to close on 4 October.
