This article is from the Australian Property Journal archive
A COMMERCIAL property at 9 Chesterville Road, Cheltenham has been sold by agents Fitzroys shortly after auction for $2.1 million.
It is the first time in over 50 years the property has been sold and had been operating as a family-owned chiropractic clinic.
Selling agent Fitzroys’s Julian Heatherich said the strong interest throughout the course of marketing campaign resulted in a sale that has set a new benchmark for land values in the Cheltenham area.
The property has a land area of about 1,090 sqm and a street frontage of 20 metres. It is positioned in a Business 2 Zone and is suited to a number of development options, including residential, commercial and medical.
Recent reports indicate that the Bayside region is expected to undergo rapid population growth, with 11,000 new residents settling in the area by 2026. Kingston City Council released the Cheltenham Structure Plan in July last year, which will see redevelopment encouraging greater retail and pedestrian activity around the Charman Road shopping strip and Cheltenham train station.
Australian Property Journal
