This article is from the Australian Property Journal archive
A NEPEAN Highway corner site of 872 sqm in Frankston with potential for a development rising up to 38 metres has sold for $3.05 million.
Zoned Commercial 1, the 419-423 Nepean Highway property in Melbourne’s busy south-east bayside suburb comprises five shops that were offered in one line, with a passing income of $71,900 per annum, with an estimate fully leased income of around $152,000 per annum.
It is centrally positioned in Frankston’s retail precinct, metres from Bayside shopping centre, 250 metres from the foreshore and close to Frankston train station, which is currently being overhauled as part of the Victorian government’s $63 million Frankston Station Precinct Redevelopment.
The project will also introduce new public plazas and walkways to the area.
Colliers International’s Ben Baines, Raphael Favas and Ted Dwyer sold the property via expressions of interest, at a land rate of $3,500 per sqm.
Developer Steller is hoping to build a $65.2 million mixed-use project of 16 levels with 135 apartments at 6-12 Davey Street, to the south of Bayside shopping centre and just east of Nepean Highway, but has received pushback from the City of Frankston council over heritage considerations of existing houses on the site.
Steller acquired the circa-3,300 sqm property for $13.5 million in the middle of last year, at around $4,090 per sqm. Its plans include two levels of basement parking, ground floor retail, office space on level one, two levels of gym, pool and hair salon for residents, nine levels of one-and two-bedroom apartments and a communal rooftop terrace.
The 10-12 Davey Street was set to make way for Peninsula Project Group’s 14-storey, $80 million Allure Bayside project with 93 apartments.
Farmer Group, led by developer Greg Farmer, sold its 438 Nepean Highway site in 2017 for $13.56 million, at a land rate of $4,129 sqm, to a private investor after struggling to secure an anchor tenant for the 11-storey mixed-use building, and Frankston council refused to grant a further time extension.
The site will be occupied by incumbent tenant Pragmatic Training on a long-term deal.
Works on a $16 million development building with 60 apartments and ground-floor retail has begun at a site next to Clyde Street Mall in the Frankston CBD, while Highview Homes sold out its five-storey, 22 apartment project at Playne Street in less than two months.
Australian Property Journal
