This article is from the Australian Property Journal archive
AN Oakleigh heritage building in Melbourne’s south-east has been purchased by a local investor for $1.5 million.
The 369sqm corner site at 1527 Dandenong Rd was sold by CBRE’s Ed Wright, Sandro Peluso and Chao Zhang.
The property was built during the inter-war period and originally occupied by ES&A Bank. The building’s red-brick façade and original bank vault was impacted with a heritage overlay, hampering the site’s development potential.
The sale price reflected a land rate of $4,065 per sqm, which Zhang said was due to strong buyer demand for well-located Commercial 1-zoned properties.
“Despite the site’s development restrictions given the heritage building and lack of permits, the campaign still received strong interest due to the current investor confidence in the Melbourne market,” Zhang said.
Australian Property Journal
