This article is from the Australian Property Journal archive
A VACANT former Pizza Hut franchised restaurant building at Keysborough in Melbourne’s south east, has been sold to an overseas developer for $1.55 million.
Located at 362 Cheltenham Rd, the property was sold via an expression of interest campaign conducted by Crabtrees Real Estate.
The property which sits on a Residential 1 zoned site currently retains the former restaurant building with an area of 312 sqm and holds an existing permit for 124 seats.
Crabtrees selling agent Luke Pitcher said the residential 1 zoning attracted interest.
“We also had quite significant interest in the property from restaurant and food venue operators as the building retains all the services and features relating to its previous use.
“There is also a large asphalted car park with space for fifty vehicles and a rear service yard while close by are the Keysborough Hotel, the Parkmore shopping centre and the Park Glen retirement village all with exposures to Cheltenham Rd which is a major regional Rd accessing Dandenong to the east and Moorabbin to the west,” he added.
Pitcher said the local area has seen significant new residential building activity in recent years.
“We thought that the building could continue to function as a restaurant or food related venue given the physical facilities from its previous use, but the highest offer was forthcoming as an outstanding development site as it has a quite significant land area and holds a residential 1 zoning under the City of Greater Dandenong Planning Scheme.
“Our understanding is that after demolition of the existing structure an apartment project is planned to be built reflecting the site size, location and zoning,” he concluded.
Australian Property Journal
