This article is from the Australian Property Journal archive
DEVELOPMENT sites in Wantirna South and Rye are the latest assets to be sold off by interests associated with the Allison Monkhouse Funerals business.
A landmark 7,610sqm site in the eastern Melbourne suburb of Wantirna South has sold to a Chinese developer for $10.15 million, whilst local developer picked up the Rye corner site at 6 Napier Street, on the Mornington Peninsula, for $1.8 million.
The Wantirna South property is located at 390 Burwood Highway, at the intersection of Stud Road, and has respective frontages of 35 metres and 120 metres. It is zoned Priority Development Zone – Schedule 1, designated “for the use and development of land for projects and areas of regional or State significance”.
The new owner has earmarked the site for mixed-use development, and has proposed a rezoning to Mixed Use under Amendment C149. It is located across from the $100 million, 236-apartment Kubix complex and Westfield Knox Shopping Centre, which is about to undergo a $450 million expansion.
Currently the site’s improvements include a single-level building of 623sqm.
The purchaser of the 1,027 sqm Rye site has plans for a mixed-use project on the vacant site, which is zoned Commercial 1 and sold at a land rate of $1,800 per sqm.
CVA has handled the marketing for the portfolio, which also included a 9,248sqm Mulgrave site on the corner of Dandenong Road and Springvale Road that was picked up by a local developer early in the year.
The agency’s Daniel Philip, Ian Angelico and John Nockles sold the Mulgrave site. Philip and Angelico sold the Wantirna South site, and Philip and Nocklesthe Rye property.
Philip and Nockles sold two former Allison Monkhouse sites also in the southern bayside region earlier this year for a combined $6.5 million.
An owner-occupier picked up the 362-364 Nepean Highway, Frankston property of 2,346 sqm with a 555 sqm building for $3.7 million, at a land rate of $1,577 per sqm.
The corner 2,357 sqm property, with a General Residential zoning, sold to a developer at a land rate of $1,187.95 per sqm.
Australian Property Journal
