This article is from the Australian Property Journal archive
A PRIVATE developer has bought a development site at Alphington in Melbourne’s north eastern suburbs in a deal negotiated by agents Gray Johnson.
The property was snapped up at auction for $1.31 million and the developer is planning a mixed commercial and residential development for the site.
Located at 804 Heidelberg Road Alphington, the site has an area of 1,090 sqm held in two titles. There is an older style commercial building comprising an office and warehouse which is leased until November next year at a net annual rental of $51,000.
Gray Johnson director Matt Hoath said importantly the site holds a Business 1 zoning which permits a mixed use development project of up to two levels in height.
“The property is being offered on behalf of an estate.
“I was anticipating a sale in the region of $1.1 million but we had three bidders with finally two chasing it to the sale price,” Hoath said.
“Sites like this within easy reach of the CBD and with access nearby to major arterial roads represent keen development opportunities.
“With the lease continuing until November next year the developer purchasing this site will have a continuing holding cash flow while concept plans and building permits are created,” he concluded.
Australian Property Journal
