This article is from the Australian Property Journal archive
MORE than 3.2 hectares of infill land in Melbourne’s east – well-known to the Greek community as home to the Lesvos Culture Club for nearly 40 years – has hit the market.
Selling agent of 26 Waldheim Road in Bayswater, LAWD’s Lukas Byrns, said that with 1.06 hectares available for favourable Neighbourhood Residential zoning, the site is ideally placed to be acquired by developers seeking to provide much-needed housing amid tight supply conditions.
“With population growth expected to reach record highs in the next three years, and a scarcity of infill sites available for development, the potential offered by this site is unique in today’s market.
“It has flexible zoning suitable for a variety of uses including homes and townhouses, childcare, aged care and retirement, medical and the National Disability Insurance Scheme.”
The site is located 27 kilometres from the Melbourne CBD and near transport linkages Eastlink, Maroondah Highway, Canterbury Road, Bayswater train station, and the 664 bus link that services Knox City, as well as Westfield Knox and Eastland shopping centres, health services and educational and recreational amenities, and is surrounded by parkland and residential housing.
Expressions of interest close on Wednesday, 7th June.
Peter Sagar of LAWD said the sale represented an outstanding opportunity to secure a “shovel-ready” development site suited to a variety of uses.
“The housing market in Melbourne is ready to take off again. We have serious supply issues emerging and infill development opportunities that create alternative product types like this are now very rare.”
He added that the site’s proximity to parkland adds a unique selling point for developers seeking to provide green open spaces for residents.
The Age has reported that the state Labor government is considering reforms that will streamline planning for new housing near public transport in established suburbs – including along the Suburban Rail Loop project.
A recent report from Infrastructure Victoria said Melbourne needs 1.3 million new homes to meet projections the state’s population will surge from five million people to more than eight million over the next 30 years.
