This article is from the Australian Property Journal archive
A PRIVATE developer has swooped on a development site in Surrey Hills, 11km east of Melbourne CBD, ahead of auction.
Located at 413 Canterbury Road, the property has development permit for a new commercial building and was sold for $950,000.
Agents O’Callaghan Commercial and Gross Waddell had listed the property for auction on April 30.
The single level property comprises a site area of 661 sqm and is currently leased as a medical services laboratory on a monthly tenancy.
David O’Callaghan said the owner obtained a planning permit in September last year which provides the construction of a two level office-showroom building with a ground floor area of 404 sqm of showroom with 354 sqm of offices above.
“There are also seventeen basement and at grade car parks included to give a development project of a total of 758 sqm on the site area of 661 sqm.
“The property has been purchased by a private developer proposing to undertake the permitted project and the land price is equal to a very strong $1,450 per sqm,” he added.
O’Callaghan said the local zoning is Business 3 and with the existing monthly tenancy the proposed development is able to get under way quickly within the tenor of the building permit and the architectural plans for the development that is included in the sale.
Australian Property Journal
