This article is from the Australian Property Journal archive
A WRAP up of development site and commercial property investment opportunities across Australia.
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Development & Land
Abbotsford, VIC
Amber Property Group is looking to offload an inner city Melbourne showroom site which has been approved for a seven-level retirement living project.
JLL’s Jesse Radisich, Josh Rutman, Mark Stafford and MingXuan Li have been appointed to sell 422-430 Johnston Street, a triple-fronted corner site of five vacant showrooms with over 160 metres of frontages to Trennery Crescent, Little Turner Street and Johnston Street.
“We are currently focusing on larger projects and the sale of this site will enable us to allocate resources effectively to those developments,” said Rachael Brady, CEO of Amber Property Group.
“This is a rare chance to secure a site in one of Melbourne’s most sought-after locations, with all the foundations in place for success,”
Radisich said Abbotsford has been “undergoing a renaissance” with a number of high end and boutique developments “changing the feel and demographic of this once working-class area”.
Approval for the 2,428 sqm corner includes 68 independent living apartments, together with 1,122 sqm of retail and 1,641 sqm of communal space, including a gym, a cinema, a library, and 83 underground car parking spaces.
The plans currently provide an average apartment size of 113 sqm, and offer a path to convert to a high-end residential project or a number of other uses.
The site is expected to appeal to a residential or aged-care developer or potentially a land banker looking to secure a prime site.
Expressions of interest close Wednesday, 23rd October.
Abbotsford, VIC
Just down the road, side-by-side shops could join the throng of Johnston Street sites being redeveloped. Agents Gray Johnson have listed 273-275 Johnston Street on behalf of a family that has held the 400 sqm landholding since 1983.
The offering, with Commercial 1 zoning, has 13.4 metres of frontage and three retail shops on two titles and the opportunity, and is available as a whole or in two parts. Number 275 is currently vacant.
“We see potential here for range of businesses including hospitality, creative offices or a retail showroom,” Gray Johnson agents Matt Hoath and Antony Boldrini said.
“Thinking longer-term residential projects in Johnston Street including the recent Pace project in Abbotsford and Argyle Apartments nearby in Johnston Street point to the excellent scope to develop this site.”
Expressions of interest close on Wednesday, 16th October. As price in the order of $2.3 million is expected for the whole.
Rural & Agribusiness
Paxton, NSW
In the Hunter Valley, an expansive 8.06 site nestled between the scenic Watagan and Broken Back mountains in the heart of the Hunter Region is up for grabs.
Commercial Collective’s Steve Briant and Dane Crawford, in conjunction with Ray White Commercial Western Sydney, are marketing 53-63 Millfield Road, which comprises two lots and features 234 metres of frontage along Millfield Road. The property presents an “ideal canvas for a rural lifestyle development” and for developers to “design and build their dream home in a tranquil countryside setting”, the agents said, while there is also potential for rezoning and residential subdivision.
Lot 4 of the site features a striking 1,690 sqm heritage building, offering a unique opportunity to repurpose one of Australia’s best-preserved colliery sites. Potential uses include converting the structure into a function centre, visitor accommodation, cellar door or a private residence.
The property also holds an existing development approval for tourist and visitor accommodation on Lot 4.
Expressions of interest close on Wednesday, 23rd October.
Howden, TAS
The award-winning Villa Howden, located on 4.5 acres on the southern outskirts of Hobart, has been listed with approval for a major expansion and expectations of selling in the $5 million to $6 million range.
Burgess Rawson’s Zomart He and HTL Property’s Nic Simarro are marketing 77 Howden Road, home to a French provincial-inspired estate that offers multiple uses, including wedding receptions, conferences, and luxury accommodation.
The 10-bedroom, 12-bathroom property spans three levels and features a helipad, an a-la-carte restaurant with seating for 80 indoors and 30 outdoors, a piano bar, and a heated indoor swimming pool. Most rooms are complemented by Juliet balconies.
The estate also includes a separate two-storey family villa with two bedrooms and two bathrooms, which currently serves as boutique accommodation for visitors to the North West Bay area, about 20 kilometres south of Hobart.
Chinese investor William Wei, owner of the Australian Travel and Culture Group, originally purchased Villa Howden in 2017 for $2.6 million. His multi-million-dollar expansion plans, approved by the Kingborough Council in February, aim to extend the building from 10 rooms to 52 and add a new dining area and bar.
Expressions of interest close 31st October.
