This article is from the Australian Property Journal archive
AN expansive corner landholding in Kew, one of Melbourne’s most affluent areas, is being offered with price expectations around $28 million.
The 8,475sqm landholding at 18 Barry Street, in the heart of the Studley Park precinct, A’Beckett Corner includes dual street frontages and is well suited for residential development, retirement living or repositioning and reusing the existing improvements (STCA).
Ian Sanders, Hamish Burgess and Justin Hazell from Colliers have been exclusively appointed to manage the sale of the property via an expressions of interest campaign on behalf of the vendor, Uniting AgeWell.
“A development proposition of this stature, within one of Melbourne’s most coveted residential locations, is rarely offered to the market. Its corner location, potential for stunning view lines, proximity to Kew Junction shopping village, and unique scale provides the perfect foundation for a market-defining project,” said Burgess, director for development sites at Colliers.
“Given the affluent nature of the precinct and scarcity of available land suitable for development, the area has broken records in terms of achievable revenues for developers that have been successful in securing land within this sought-after catchment.”
Kew has a current median house price of around $2,750,000, with A’Beckett Corner boasting views across Yarra Bend Park and Studley Park towards the Melbourne CBD skyline and proximity to near several hospitality offerings, parks and multiple public transport connections to the CBD.
Current improvements at the site include a former residential aged care facility, which was operation until 2019.
The property is well maintained and could be utilised as is or repurposed for other healthcare or residential uses,” said Sanders, head of transaction services at Colliers, Asia Pacific.
“With Melbourne’s population and the everlasting appeal of the Boroondara area forecasted to grow, there is currently a high demand for Retirement Living and Age Care accommodation, together with Healthcare services. The ageing demographic within the catchment makes this a compelling case for Retirement Living and Age Care opportunities.”
The expressions of interest campaign for A’Beckett Corner at 18 Barry Street, Kew is set to close on 15 June, 2023.
