This article is from the Australian Property Journal archive
THE Knox City Council is auctioning off a portfolio of three surplus vacant properties, each with a broad range of residential outcomes.
The Knox City Council Portfolio Auction includes 10 Tamara Street, Wantirna South; 4 Coorie Avenue, Bayswater; 73-75 Eildon Parade, Rowville.
Shane Mills and Lewis Waddell from Fitzroys have been appointed to manage the campaign, with the auction to be held at the Knox Community Arts Centre, 790 Mountain Highway, Bayswater.
“Melbourne’s population is growing very quickly and there is a clear mismatch between demand and supply in the market at the moment,” said Mills.
“Melbourne locations that are highly accessible and located close to quality lifestyle and hospitality amenity are in particularly high demand at a time of flexible work arrangements. The interest rate environment has stabilised and we expect more confidence from the development market over the course of 2024.”
Each property will be offered with vacant possession, after the former childcare and family centres services on the respective sites having been relocated in recent years.
“These facilities have been utilised successfully for early learning and pre-school purposes in the past and provide an excellent base to be revitalised to full use,” said Waddell.
The properties are all zoned Neighbourhood Residential, allowing for a broad range of residential outcomes including low, medium and high-density.
“Properties of this size with Neighbourhood Residential zoning and located to such great lifestyle and hospitality amenity, as well as education facilities, are very rarely offered to the market,” added Waddell.
The property at 10 Tamara Street, Wantirna South spans 2,883sqm and boasts more than 33m of frontage to Tamara Street and includes 11 onsite car parks.
While 4 Coorie Avenue, Bayswater has expectations are of $1.3 million-plus and comprises a landholding of 1,137sqm with over 17m of frontage to Coorie Avenue.
With expectations around $1.4 million-plus for the 1,276sqm site at 73-75 Eildon Parade, Rowville, which includes corner frontage to Eildon Parade and Metcalf Crescent and adjoins Eildon Park.
The Knox City Council Portfolio Auction will take place on 19 April 2024.
